Against the backdrop of the war in Ukraine that has fueled food and fuel prices, US Treasury Secretary Janet Yellen has said that the best way to end world economic tumult was to stop the Ukraine war. Speaking ahead of the G20 summit in Indonesia, she said, "ending Russia' war...

Firm is suffering from slowdown in China's economic growth.

AMMAN, JORDAN - Jordan Minister of Industry, Trade and Supply and Minister of Labor Yousef Shamali said Monday that food prices in the local market declined last month as global prices fell and also as a result of government measures. In a statement, the minister also attributed the decline to...

Muscat, Oman---Oman’s budget achieved a surplus of RO 1.123 billion ($2.92 billion) at the end of September 2022, the country's finance ministry reported in its Fiscal Performance Monthly Bulletin. For the same period last year, the budget reported a deficit of RO 1.030 billion. Oman’s public revenue stood at RO...

World food prices held steady in October, though cereal prices rose over uncertainty of a deal giving safe passage for Ukrainian grains on the Black Sea, a UN agency said. Global food prices have been falling since hitting an all-time high in March in the wake of Russia's invasion of...

BP, flush with cash, revealed a $2.5 billion share buyback.

The third quarters profits were boosted by higher oil prices.

Revenue doubled year-on-year to US$17.1 billion.

Firm said surging oil, gas prices helped it post massive profits.

Owing to surging energy prices fueled largely by the Russian invasion of Ukraine, the IEA feels global emissions will peak in 2025 as investment in renewables has grown in the recent months. Last year, the IEA had said there was "no clear peak in sight" in energy emissions.

With German inflation running at a record 10 percent, supermarket giants are pushing back against what they see as unreasonable price increases by some of the world's best-known brands. Food multinationals argue that their manufacturing costs have risen on the back of soaring energy and transport costs.

Major global equities rose, with sentiment soothed after upbeat US earnings and Britain shredded its controversial budget. Analysts pointed to better-than-expected reports from Goldman Sachs and Johnson & Johnson as a positive driver for stocks. On Wall Street, the Dow Jones jumped two percent after a day of strong trading...

The exchange rate reached more than 5,000 Syrian pounds to the US dollar for the first time since the start of the conflict more than a decade ago. Syria's official exchange rate has stood at around 3,015 pounds to the greenback since Sept-- compared to 47 pounds to the dollar...

Stock markets and oil prices slumped as investors grow fearful that more big interest rate hikes will tip economies into deep recessions. The mood darkened also on the worsening Ukraine war and weaker demand expectations in China. Analysts said US consumer price index data released later this week will be...

The Algerian and French prime ministers hailed a "new dynamic" as they launched a joint economic forum during a visit to Algiers by France's Elisabeth Borne. The French PM's two-day trip to Algeria comes just weeks after President Emmanuel Macron concluded his own three-day visit in August, following months of...

High oil prices drove equities up on both the Abu Dhabi Stock Exchange and the Dubai Financial Market, but Saudi equities did not follow the trend, remaining subdued toward the close of the week.

Seeking to debunk the impression that it was somehow behind the rise in oil prices in the US, Saudi Arabia has said that it did not politicize oil or oil decisions and that it looked at oil as a commodity important to the global economy in which the kingdom had...

With US inflation soaring new heights, the country's central bank has said more increases are likely to come this year in order to cool the world's largest economy and rein in high prices. Federal Reserve Governor Lisa Cook said 'inflation remains stubbornly and unacceptably high.'

Adding to this, the market had witnessed September as a month of turmoil across financial markets driven by a surging dollar and traders sending bond yields sharply higher in anticipation of further rate hikes from central banks, led by the US Federal Reserve, adds Hansen while reviewing the global scenario.

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organization said.

The EU executive believes it can raise €140 billion from the levies on non-gas electricity producers and on energy majors that are raking in outsized profits from the global energy demand.

Stock markets tumbled, the pound crashed against the dollar and oil prices slumped on growing recession fears after central banks this week hiked interest rates to fight inflation. Monetary policymakers have been forced to go on the offensive, warning that short-term hits to economies are less painful than the long-term...

Warning travelers around the world of more price pain, the IATA head and Qatar Airways chief have said that the aviation sector is still battling fallout from the Covid pandemic, high oil prices and conflict fears. The higher fuel prices, according to the IATA chief, is adding to crippling losses...

Thanks to falling gasoline prices, US inflation has slowed down in August, but not enough to satisfy policymakers, especially President Joe Biden, as high prices continue to inflict pain on American families and businesses. The annual inflation pace also is likely to have improved to 8.0 percent from the blistering...

The UN urged EU countries on Monday to continue battling climate change and not resort to more fossil fuels in their response to soaring energy prices and fears of winter shortages. Russia has reduced supplies of gas to Europe since its invasion of Ukraine, sending prices for the fuel soaring.

German gas company VNG on Friday became the latest European energy firm to seek government aid as reduced Russian pipeline flows pushed up energy prices and put its business under stress. VNG, Germany's third-largest gas importer and storage operator, asked for support to "avert further losses" and allow the group's...

The real gross domestic product (GDP) of Saudi Arabia has jumped 12.2 percent in the second quarter of 2022, exceeding the government estimate of 11.8 percent. The kingdom, the world’s top oil exporter, has richly benefited from high crude prices and a significant post-pandemic recovery.

In a thinly veiled criticism of the OPEC's decision to cut supply, the US said that oil production must be kept up to bolster global economic growth. White House Press Secretary said that President Joe Biden ‘has been clear that energy supply should meet demand to support economic growth and...

The leader of Italy's far-right League party, Matteo Salvini, has sparked debate by saying that the unprecedented sanctions the West had imposed on Russia over the Ukraine invasion weren't working. "Several months have passed and people are paying two, three, even four times more for their bills," he told Rtl...

G7 industrialized powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine. The G7 said it was working towards a "broad coalition" of support for the measure but officials in...

European leaders want to break the link between soaring gas prices and electricity bills, a wholesale reform of the EU energy market made urgent by Russia's invasion of Ukraine. This continent-wide shake up of 27 EU economies with different energy needs and sources will be a long and politically-fraught process.

An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to free up energy for export and bolster hard currency reserves.

World stocks sank Monday and the dollar rallied on concern the Federal Reserve will stick to its interest rate-hiking plans to combat inflation. Eurozone equities tanked as spiking natural gas prices sparked fears that winter energy shortages could cause recession, which helped push the euro down to a 20-year low...

US Fed officials believe it will take some time to bring "unacceptably high" inflation back down near the two percent goal. And in this regard central bankers remain committed to raising interest rates further to quell rising prices, but agreed it would be appropriate to slow the pace of the...

The better results were driven by high hydrocarbon prices.

IMF estimates inflation in the UAE is expected to be at 3.7 per cent in 2022, falling to 2.8 percent in 2023. While these are among the lowest levels globally, businesses operating in the UAE are feeling the pressure of increasing costs, according to Grant Thornton's International Business Report. The...

Syria's internal commerce ministry has announced a petrol price hike of around 130 percent in the war-torn country facing fuel shortages and extended power cuts.

Morocco's Prime Minister Aziz Akhannouch, a billionaire petrol baron, is facing a growing online campaign demanding he step down as fuel prices -- and energy firms' profits -- surge. The government of the North African kingdom, which is heavily reliant on oil imports, insists it is doing its best to...

British oil giant BP returned to profit in the second quarter on the back of soaring energy prices, following a big loss due to its exit from Russia over the war in Ukraine, company results showed Tuesday.

Wheat prices tumbled Friday, retreating to levels last seen prior to the Russian invasion of Ukraine following a landmark agreement to unblock Ukraine's Black Sea grain exports. Wheat and other grain have been blocked in Ukrainian ports by Russian warships and landmines Kyiv has laid to avert a feared amphibious...

Inflation in Saudi Arabia jumped to 2.3 percent, in June, from 2.2 percent in May, driven by a rise in food and beverages prices. “Food and beverages prices were the main drivers of the inflation rate in June 2022 due to their high relative importance in the Saudi consumer basket...

US President Joe Biden is set to discuss volatile oil prices during a summit with Arab leaders on Saturday in Saudi Arabia, the final stop of his Middle East tour. The meeting in Jeddah will bring together leaders of the six-member Gulf Cooperation Council as well as Egypt, Jordan and...

The EU executive, which tracks the economy of the 27 countries in the European Union, said GDP growth in the eurozone would reach 2.6 percent in 2022 and a sharply lowered 1.4 percent in 2023. Inflation would end the year at 7.6 percent, much higher than previously forecast, and 4.0...

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.

Saudi Arabia's oil-driven economy expanded by 9.6 percent in the first quarter, its strongest growth rate in a decade.

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...

IMF has said food prices accounted for about 60 percent of last year’s increase in headline inflation in the MENA region, excluding the GCC countries.

Global oil prices may hit $380 a barrel if Russia were to announce crude oil cuts in response to the US and European curbs.

The move came after share price of its former energy unit fell sharply.

Oil prices bounced and Wall Street stocks declined Monday, reversing the most recent trends as markets eye the end of a bruising second quarter. After positive sessions for several leading European and Asian bourses, Wall Street stocks were in the red most of the day, and finished modestly lower.