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Turkish Airlines profits soar
In December, the airline ordered 230 Airbus planes.
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Kuwait exports first shipment of quality diesel to shortage-hit Europe
Kuwait City, Kuwait-- Kuwait National Petroleum Company has exported the first shipment of the advanced diesel fuel to the European markets in light of the severe shortage of energy sector in the continent. Kuwaiti media reports said the company shipped 66,000 tons, and the shipment was produced with special specifications... -
Erdogan aide blames Paris street violence after shooting on Kurd militant group
Ankara has been feuding with the US and European powers about their support for Kurdish fighters in the People's Protection Units (YPG), which it portrays as the Syrian offshoot of the PKK. -
Putin accuses the West of trying to ‘tear apart historical Russia’
"At the core of it all is the policy of our geopolitical opponents aiming to tear apart Russia, the historical Russia," Putin said. "They have always tried to 'divide and conquer'... Our goal is something else -- to unite the Russian people," he said. -
European Union to end two Amazon inquiries after agreement
Amazon, and its software, will be forbidden from analyzing non-public third-party seller data, and will treat all sellers equally when deciding which offer to put in the best screen location. Sellers will also be allowed to choose their own delivery firm, rather than being obliged to use the service chosen by... -
Antibiotics shortages hit nations as surging illnesses spur demand
Hospitals in many countries have come under pressure from a rising number of illnesses including what has been dubbed a "tripledemic" of Covid-19, influenza and the respiratory syncytial virus (RSV) which causes bronchiolitis. -
Saudi Arabia, UAE lowest-risk investment havens in the ‘riskiest’ Middle East and Africa region
The region was ranked the riskiest by the Global Risk Report Quarterly Update. But the GCC region stood out, offering some of the best supporting environments for investors. -
Germany cuts the ribbon on first LNG terminal
Germany plans to open four more government-funded LNG terminals over the next few months as well as a private terminal in the port of Lubmin. -
FIFA to hold 32-team Club World Cup from 2025
Despite robust opposition from Europe's biggest clubs, FIFA chief Gianni Infantino has announced plans for a 32-team Club World Cup from 2025. An expansion of the competition has long been a pet project of Infantino. In 2021 a 24-team event was planned but was cancelled due to the Covid pandemic. -
Stocks markets, oil prices extend losses as experts warn of stagflation
After a healthy rally in recent weeks fuelled by signs that price rises were slowing, the US Federal Reserve, European Central Bank and Bank of England this week crushed any Christmas spirit by hiking borrowing costs again by sizeable amounts and warning of more pain. -
Europe’s biggest oil field hikes production, to provide 7% of continent’s demand
Located in the Norwegian waters of the North Sea, the Johan Sverdrup field which until now pumped some 535,000 barrels per day (bpd) on Thursday entered a new production phase where it will pump around 720,000 bpd. -
Recession in Germany to be lower than predicted, says Ifo Institute
Ifo's positive outlook came a day after a closely watched survey showed German investor confidence rising again in December. -
Europe united in dispute with US over green subsidies: Chancellor Scholz
Several EU leaders including Macron have said the US subsidies are enticing European companies to relocate to the United States. -
Saudi PIF acquires 9.5% stake in offshore wind energy developer Skyborn
Dubai---Saudi Arabia's sovereign wealth fund, the Public Investment Fund, had acquired a 9.5 percent stake in Skyborn Renewables, an offshore wind developer and operator. In a statement, PIF said it is investing in Skyborn alongside Global Infrastructure Partners, a US-based infrastructure investment fund. The investment will allow PIF to participate... -
Rotterdam port ‘drowning in cocaine’ as gangs become stealthier
A record of nearly 70 tons of the drug was intercepted in 2021, up 74 percent from a year before, said Ger Scheringa, who leads a team of armed customs officers at the port. Gangs pay dockers and officials up to 100,000 euros to help get big batches through, Scheringa... -
Mercedes plans $1.05 bn investment
It will build a plant in Poland to build fully electric vans. -
Tourists, cruises, flights to Aqaba on the rise in December
AQABA, JORDAN - The southern city of Aqaba is welcoming an increasing number of local visitors and foreign tourists of various nationalities, especially from Europe, in the winter tourist season. The movement of cruise ships to the ports of Aqaba and flights to King Hussein International Airport is also witnessing... -
UAE leads Arab world in IMD World Talent Ranking 2022
The country was ranked among the top ten in nearly 30 percent of the report’s indexes. -
GCC IPOs resilient to volatility hurting other markets
Various IPOs raised nearly $4.8 billion in the GCC in the first five months of 2022 alone, which was higher than in Europe. -
Envoy eyes more cooperation, $6.32bn bilateral trade this year as UAE-Belgium ties mark 51st anniversary
Brussels needs to find new energy suppliers and we recognize the important role of the UAE on that front, Belgian ambassador to the UAE Antoine Delcourt tells TRENDS -
EU gives US$131 million to WHO Universal Health Coverage Partnership
GENEVA, SWITZERLAND - The World Health Organization (WHO) and the European Commission agreed on reinforcing a decade-long collaboration to accelerate the achievement of universal health coverage. The letter of intent foresees an additional contribution from the European Union (EU) of US$131 million for the continuation of WHO's assistance to its... -
Eurozone’s unemployment drops to record low
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... -
Europe’s inflation declines for first time in 17 months: EU agency
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 eyes digital trade accord with Ukraine, boost in bilateral relations
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... -
Etihad Airways and Garuda expand combined offerings to 42 destinations
Abu Dhabi, UAE----UAE's national carrier Etihad Airways and Garuda Indonesia, the national flag carrier of Indonesia, will nearly double the number of combined destinations the two airlines are able to offer beyond the Abu Dhabi and Jakarta hubs. The number of destinations across the Indonesian archipelago, South East Asia, Middle... -
Police bust cocaine ‘super-cartel’ in Dubai, Europe: Europol
The Hague, Netherlands—Police have dismantled a huge drugs "super-cartel" that controlled a third of Europe's cocaine trade, arresting 49 people in various countries including six top suspects in Dubai, Europol said Monday. The huge international operation seized 30 tonnes of the drug and also involved arrests in France, Spain, Belgium and... -
Europe promises continuous support to Ukraine against Russia
Several European leaders were in Kyiv on Saturday to commemorate the victims of the 1932-33 Holodomor -- Ukrainian for "death by starvation" -- which is regarded by Kyiv as a deliberate act of genocide by Stalin's regime. -
German economy grew more than estimated in third quarter
Gross domestic product grew "despite difficult general conditions in the global economy such as the continuing Covid-19 pandemic, delivery bottlenecks, continuing price rises and the war in Ukraine," it said. A separate survey on Friday showed that German consumer confidence has edged up again following a long period of decline,... -
Jordan Minister calls for MENA-Europe electric connection project
AMMAN, JORDAN - Jordan's Minister of Energy Saleh Kharabsheh stressed on the importance of conducting an electrical interconnection project to supply Europe with green energy from the Middle East and North Africa (MENA) region. He made the remark during a meeting on Thursday with a British Group Inter-Parliamentary Union (BGIPU)... -
Tourism recovery reaches 65% of pre-pandemic levels
An estimated 340 million international arrivals were recorded in the third quarter of 2022 alone, almost 50% of the nine-month total. -
Lufthansa to hire 20,000 employees
Lufthansa had 108,000 employees at the end of September. -
Saudi football academies eye boost from World Cup
The kingdom has long been obsessed with football, but interest in playing -- not just watching -- has surged in recent years amid a government push to promote physical activity. -
FIFA World Cup Qatar will be the best, says Infantino
Regarding the rights of workers, it is unfair that the world does not see the great progress and clear development that Qatar, which has prepared optimally for the global event, has achieved in this field. It is true that it took time, just as it happened in Europe earlier, he... -
Qatar steps up diplomatic, media offensive against rights criticism
In an interview with AFP, Qatar's Labor Minister Ali bin Samikh Al Marri said "racism" was behind the onslaught on his country's record. "They don't want to allow a small country, an Arab country, an Islamic country, to organize the World Cup," he said. -
Algeria signs three-year deal to sell gas to Slovenia
While Europe scrambles to replace Russian energy supplies in the wake of the war in Ukraine, Slovenia has signed a three-year deal with Algerian state energy firm Sonatrach to buy gas via a pipeline through Italy from January. Slovenian foreign minister attended the signing ceremony along with her Algerian counterpart. -
Climate activists at COP27 decry West’s desire for gas in Africa
European countries have been scrambling for alternative sources of gas after the continent's former top supplier, Russia, slashed exports in apparent retaliation for Western sanctions over Moscow's invasion of Ukraine in February. -
Luxury group Richemont posts H1 2022-23 loss of US$786m
Loss is basically due to the sale of one of its online platforms. -
Innovation, technology implementation help GCC banks compete with European, US counterparts
The four largest banking markets in the GCC -- UAE, Saudi Arabia, Kuwait and Qatar — are expected to 'nearly approximate' pre-pandemic profitability ranks by the end of 2022. -
ArcelorMittal Q3 profit at $993m
Firm is suffering from slowdown in China's economic growth. -
Global stocks move higher as US voters cast ballots
Global stock markets mostly moved higher as Americans headed to the polls in midterm polls. The dollar got back some of its recent losses versus the euro, while Chinese demand expectations were keeping oil prices in check. Europe's main markets were showing gains some two hours from the close save... -
Stocks rise, oil falls tracking China lockdown policy
Stock markets mostly rose, extending last week's strong gains, while oil prices fell after China reaffirmed its commitment to its economically painful zero-Covid policy. The Chinese government said it would stick to its current plan, which involves harsh lockdowns and strict quarantine and testing regimens. -
Flydubai scales up flights
It will run new flights to Europe and Asia in 2023. -
Telefonica Q3 profit at $450m
Q3 revenue was up 11.6 percent at US$10.11 billion. -
Europe could face gas shortage next year, says IEA
Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency warned. The IEA said the shortfall would occur if Russia stops pipelines deliveries completely and China steps up its imports of liquefied... -
Europe’s gas storage reserves now at over 90 percent
With prices falling and ports clogged with liquefied natural gas tankers, fears of a winter heating crisis in Europe have eased but experts are warning against complacency. For over a week now, there have been bottlenecks at Spanish ports of ships bringing in LNG, indicating Europe is at full capacity. -
Investment to tackle climate change falls in 2022, says UNCTAD
Cross-border investment in climate change mitigation and adaptation is projected to decline in 2022 against the backdrop of a global investment downturn, according to a new report published by the UN Conference on Trade and Development. -
Gulf war couldn’t have been won without Kingdom’s support, says Saudi Energy Minister
Saudi Arabia is engaged with many European governments with regards to the current energy crisis, says Prince Abdulaziz bin Salmanat at FII Forum in Riyadh -
OPEC-forced rally in crude oil strengthens markets
The fear of the global organizations such as International Energy Agency that the OPEC+ decision would increase energy security risks worldwide, leading to higher prices and volatility, and potentially ending up being the tipping point for a global economy was proved wrong, he adds. -
Spain says new gas pipeline may take 7 years to build
A planned underwater energy pipeline linking Barcelona in Spain and Marseille in France could take up to seven years to build, Spain's energy minister said. -
Asia, Middle East up diesel exports to Europe in October
According to ship tracking data from Refinitiv, about 289,000 tonnes of gasoil will be loaded from South Korea and China to northwest Europe. -
Morocco and EU sign ‘green partnership’ deal
Aiming to bolster cooperation on renewable energy, Morocco and the European Union have signed a "green partnership" deal in order to offer alternatives for European nations that are trying to wean themselves off fossil fuels, whose prices have soared in the wake of Russia's invasion of Ukraine.