US inflation surged to a fresh peak of 9.1 percent in June, further squeezing American families and heaping pressure on President Joe Biden, whose approval ratings have taken a battering from the relentless rise in prices. The 9.1 percent CPI spike over the past 12 months to June was the...

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).

Global stocks fell Wednesday and the euro dipped below $1.00 for the first time in nearly 20 years after data showed a surge in US inflation last month, convincing investors that further increases in borrowing costs are on their way.

The UAE will continue to strengthen cooperation and enable positive, respectful dialogue between countries to achieve stability and prosperity for all, says the country's President.

The Paris-based agency cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and fuel prices that pose a threat to stability in some nations. Oil prices have surged from around $80 per barrel earlier this year to over $120 at times.

Force majeure is a legal measure allowing companies to free themselves from contractual obligations in light of circumstances beyond their control. Libya's National Oil Company has repeatedly resorted to the mechanism amid blockades of oil installations throughout the years of violence and political upheaval.

The euro struck parity with the dollar for the first time in nearly 20 years on Tuesday as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone.

The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating.

The region is better placed to deal with global slowdown as oil and gas prices will stay high due to supply restrictions, Jean Claus, CEO of Allianz Trade Middle East, tells TRENDS.

France's central bank said Tuesday it will push ahead with the second phase of its experiment with a digital euro with the aim of rolling out the cryptocurrency next year. Last year, the Banque de France successfully completed the first stage of its experiment with a central bank digital currency. "We'd...

The euro struck parity with the dollar Tuesday for the first time in nearly 20 years as a cut in Russian gas supplies to Europe heightened fears of a recession in the eurozone. The European single currency hit exactly one dollar -- its lowest level since December 2002 -- before...

Iraqi Kurd Haresh Talib says he struggles to get paid and his children's schooling is disrupted in his conflict-riddled country, so he wants to try to flee with his family to Europe again.

Dubai will host the first edition of the World Corporate Summit which will discuss sports and multi-sectoral business growth as core pillars. WCS will be held from November 21 to December 16 and will be attended by decision-makers from multinational corporations, UAE-based firms and government institutions.

The EU must brace for new waves of migrants forced to uproot because of the food crisis aggravated by the war in Ukraine, the bloc's border agency chief warned Monday. While Ukrainian refugees were being handled well, "we have to prepare also for refugees coming from other areas because of...

Egyptian energy sector has implemented low-cost measures to improve energy efficiency in 31 petroleum companies.

The UN Security Council has agreed to extend a vital system for cross-border aid to war-ravaged Syria by six months, the length of time wanted by Russia, diplomats told AFP Monday. 

Ahead of Joe Biden's first visit to Jerusalem as US president, Washington's ambassador said his team will "pound tables" to press Israeli officials into making concessions to the Palestinians.

Minister of Economy and Chairman of the UAE International Investors Council Abdullah bin Touq Al Marri said, in a meeting, the council has set up a platform to protect and support the interests of Emirati companies and investments abroad. The meeting also discussed the advantages of CEPA signed with India,...

The Central Bank of Iraq said Sunday that there is no reason for changing the exchange rate of the Iraqi dinar against the US dollar. The economic conditions will determine the appropriate decision that fits the time period

The Abu Dhabi Chamber of Commerce and Industry has organized an awareness session on increasing Emiratization rates in the private sector. It has been organized in cooperation with the Ministry of Human Resources and Emiratization, the Abu Dhabi Department of Economic Development and the Emirati Talent Competitiveness Council.

Saudi Arabia’s Industrial Production Index (IPI) grew by 24 percent in May 2022 compared to the same period last year. The growth is the third highest rise in the last three years, according to the kingdom’s General Authority for Statistics (GASTAT). The IPI is an economic indicator that reflects the...

The world's population is expected to hit eight billion on November 15, the UN forecast Monday in a report that said India will surpass China as the most populous country on earth in 2023. That overall population milestone "is a reminder of our shared responsibility to care for our planet and...

A leaked cache of confidential files from ride-sharing company Uber illustrates ethically dubious and potentially illegal tactics it used to fuel its frenetic global expansion beginning nearly a decade ago, a joint media investigation showed Sunday. Dubbed the "Uber Files," the investigation involving dozens of news organizations found that company...

The global economic stagnation is expected to impact the GCC growth due to the decline in industrial and economic activities even as the region is benefiting from high oil prices

The world economies are staring at the deep recessions and more financial instability. If inflation does not moderate significantly over the coming months, it will likely to result in the most difficult environment for monetary policymaking since the stagflation period of the 1970s, adds the weekly QNB report.

Under the rule of the Rajapaksa clan, Sri Lanka moved closer to China and borrowed billions of dollars for vanity projects like cricket stadiums and airports as well as a deep-sea port since leased to Beijing. Its coffers further depleted by government tax cuts.

Iranian authorities have arrested two film directors for "inciting unrest" following a deadly building collapse in the country's southwest in May, state media reported.

King Abdullah spoke about Jordan's Economic Modernization Vision for the next decade which seeks to sustain recovery the COVID-19 pandemic. The vision plans for the coming years by capitalizing on opportunities in the Kingdom, especially amid the impact of the Ukrainian crisis.

Since February this year, the Gulf country has inked Comprehensive Economic Partnership Agreements with India, Indonesia and Israel. Trade deal with Colombia is also imminent.

Overall, 50,000 species are used for food, energy, medicine, material and other purposes around the world, with more than 10,000 different types harvested for human consumption.

UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan takes part in the G20 Foreign Ministers’ meeting held in Bali, Indonesia, on July 7-8. Such meetings help in promoting international cooperation to achieve sustainable development goals.

World food prices, including for wheat, fell in June for a third month running despite remaining near an all-time high, the UN Food and Agriculture Organization (FAO) said on Friday. Export flow disruptions resulting from Russia's invasion of Ukraine on February 24 and international sanctions on Moscow have sparked fears...

Over 4,800 employee volunteers participated in Dubai Chamber of Commerce’s 'Give & Gain 2022' initiative. Volunteers dedicated 17,460 hours across projects benefitting over 147,000 individuals and the event is part of the Chamber’s ENGAGE Dubai corporate volunteering program.

The safe-haven yen also picked up following news of Japan's former prime minister Shinzo Abe being shot during a campaign rally.

Tunisia's Ennahdha party urged its supporters on Thursday to boycott a July 25 referendum on President Kais Saied's new constitution, saying it would lead to a repressive, authoritarian regime.  "We call for a boycott of the referendum because what is being voted on is not in the interests of Tunisians,"...

The kingdom, which has 15 domestic airports, is witnessing a significant increase in the prices of domestic flights, ranging between 32% and 314%, a survey points out.

The US trade deficit with China declined again, falling $2.8 billion to $32.2 billion in May, on another big drop in imports from the world's second largest economy.

The Sharjah Real Estate Registration Department has announced that 17 institutions have won the Real Estate Excellence Award. The awards are part of SRERD's aim to consolidate Sharjah's position as one of the most attractive global destinations for investors.

Common Reporting Standards is a global methodology for the automatic exchange of financial accounts and tax-related information with other financial regulatory organizations across the world through secure channels.

Russian oil firm Zarubezhneft will take over its remaining 20 percent stake in the Kharyaga project in the Arctic pending approval by Russian authorities.

Habib Hlila, 27, first set up a food van in the working-class Bab El Khadra district of Tunis in early April, selling sandwiches at the end of each day's fast.

Global trade hit a record high of $28.5 trillion in 2021, with more growth expected in 2022. The future also promises growth due to a new era of multilateralism, supported by regionalization, trade in services, innovation and sustainable trade, which would counter global recession, according to 'The Future of Trade 2022'...

European stock markets rebounded on Wednesday, recovering some ground following sharp losses the previous session on fears of a global recession. Oil prices recovered slightly, but WTI remained under $100 per barrel. The euro hit a fresh 20-year low point under $1.02 -- the European single currency fast closing in...

Britain's new finance minister, Iraqi-born Nadhim Zahawi, has inherited a cost-of-living crisis that risks pushing the UK economy into recession. The former education minister was parachuted into the Treasury late Tuesday after predecessor Rishi Sunak's shock resignation over the culture of scandal plaguing Prime Minister Boris Johnson. Johnson also lost...

Adding to the uncertainty was a fresh flare-up of coronavirus cases in parts of China that has seen some cities locked down as part of officials' zero-Covid policy.

Twenty-two Malian migrants died in a boat disaster off the Libyan coast, the UN said Tuesday, citing survivors who reported victims drowning and dehydrating with three children reportedly among the dead.  After nine days at sea, 61 survivors, mostly from Mali, were rescued by the Libyan coastguard and brought back...

The biggest hajj pilgrimage since the coronavirus pandemic began kicks off Wednesday, with hundreds of thousands of mostly mask less worshippers expected to circle Islam's holiest site in Saudi Arabia's Mecca.

Saudi Arabia's non-oil economy has recorded a strong improvement in business conditions in June, according to the latest Purchasing Managers Index data report from S&P Global.

UAE Minister of Climate Change and the Environment Mariam bint Mohammed Almheiri held a meeting with the heads of fishermen's associations and a group of fishermen to discuss the challenges and opportunities related to the fisheries sector

Chairman of Dubai Chambers met with heads and members of business groups to discuss new ways the Chamber can enhance its role in the emirate’s economy and strengthen public-private sector partnership.