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

UN chief Antonio Guterres said he "strongly" believed the deal can promote stability in the region and create "enhanced prosperity for the Lebanese and Israeli peoples". The deal comes as Lebanon hopes to extract itself from what the World Bank calls one of the world's worst economic crises in modern...

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.

Inditex closed its over 500 stores in Russia in March.

Tehran, Iran— Iran announced Sunday a contract with Russia to supply it with 40 turbines to help its gas industry amid Western sanctions over Moscow's war in Ukraine, local media reported. Iran's "industrial successes are not limited to the fields of missiles and drones," Iranian Gas Engineering and Development Company's CEO,...

In all three calls, Russian defense minister Shoigu conveyed "concerns about possible provocations by Ukraine with the use of a 'dirty bomb'".

Energy restrictions were "forcibly applied" in several regions, including the capital Kyiv and its surrounding region, Ukrenergo said. In western Ukraine, electricity and water supplies were disrupted in parts of the Volyn region, according to its governor. The city of Khmelnitskyi was without power and the city council called on...

Several Western countries are calling for an "impartial" investigation into Iranian drones they say Russia is using in the war in Ukraine. In their letter, France, Britain and Germany said they would "stand ready to support the work of the Secretariat in conducting its technical and impartial investigation."

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.

The EU has agreed sanctions against three individuals and one entity supplying Iranian drones to Russia that have been used to bomb Ukraine, the EU's Czech presidency said on Thursday. "After three days of talks, EU ambassadors agreed on measures against entities supplying Iranian drones that hit Ukraine," the presidency...

The hardening EU stance towards Tehran appeared to bury deeper hopes of reviving a 2015 Iran nuclear deal, which has been eroded since then-president Donald Trump withdrew US support in 2018. EU foreign policy chief Josep Borrell has been trying to bring the US and Iran back into full compliance...

Terming the Ukrainian and Western claims that its military drone are being used by Russia in attacks on Ukraine as baseless, Iran has said it was ready for talks with Kyiv to clarify claims that Islamic republic was supplying weapons to Russia. Iranian foreign ministry said that such claims were...

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.

MOSCOW, RUSSIA - President Vladimir Putin does not plan to end a military mobilization in Russia "yet" but some of the country's regions completed the process, the Kremlin said Tuesday. "For the moment, there is no presidential decree (on ending mobilization)," Putin's spokesman Dmitry Peskov said. He spoke a day...

The Kremlin said that the investigation into the explosions that tore through the Nord Stream gas pipelines was being 'tailored' to place the blame on Russia.

BP bought US firm to reach net zero emissions by 2050.

Paris, France— Russia's invasion of Ukraine and the resulting economic fallout have thrown four million children into poverty across eastern Europe and Central Asia, the UN children's agency said Monday. "Children are bearing the heaviest burden of the economic crisis caused by the war in Ukraine," UNICEF said. The conflict "and...

Now is the time for emerging market policymakers to batten down the hatches. Eligible countries with sound policies should urgently consider improving their liquidity buffers by requesting access to precautionary instruments from the Fund, adds the IMF's Economic Counsellor Gourinchas.

An oil depot in Russia's Belgorod region bordering Ukraine is on fire after being shelled, the governor said, as strikes increases against the area.

Iran has rejected allegations that it has supplied Russia with weapons "to be used in the war in Ukraine", its foreign ministry said. Kyiv and many of its Western allies have accused Moscow of using Iranian-made drones in attacks on Ukraine. The topic is expected to be discussed by European...

Continuing with the kingdom's role to support "everything that will contribute to de-escalation," Saudi Arabia has announced $400 million in aid for Ukraine. Saudi Crown Prince Mohammed bin Salman spoke to President Volodymyr Zelensky by phone, conveying the kingdom's eagerness to support mediation.

Large US banks reported a round of solid quarterly profits, but cautioned of rising recession risks as the economy absorbs higher inflation and a dramatic shift is central bank policy. JPMorgan Chase set aside US$808 million in case of bad loans, while Citigroup reserved for $370 million in potential losses...

Russian oil giant Rosneft has filed a complaint against the German government for taking control of its German-based refineries, a court said, as energy tensions run high following Moscow's war in Ukraine.

The fund's comments, in its latest Fiscal Monitor report, come as food prices have surged by half since 2019 while energy bills have soared in the wake of Russia's invasion of Ukraine. Countries spent heavily to protect their economies during the pandemic, then faced supply chain issues as they emerged...

The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision to cut production by two million barrels a day from November, raising fears that oil prices could soar.

Seeking new exporters of gas to the continent, European Union's energy commissioner has hailed a "long-term strategic partnership" with Algeria as it turns to Africa's biggest gas supplier to fill a gap left by Russian supplies. Europe's search for gas has become ever more urgent as winter approaches.

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...

Sheikh Mohamed bin Zayed Al-Nahyan "will discuss with President Putin the friendly relations between the UAE and Russia along with a number of regional and international issues and developments of common interest," sate news agency WAM said.

Rail operator Deutsche Bahn blamed the travel disruptions on "sabotage", while Transport Minister Volker Wissing spoke of "a targeted and deliberate action".

Frankfurt, Germany— Germans in the coastal state of Lower Saxony vote in a closely-watched regional election Sunday, seen as a key test for Chancellor Olaf Scholz's Social Democrats amid an acute energy crisis. Polls open at 8:00 am (0600 GMT) and close at 18:00, with latest surveys putting Scholz's centre-left SPD...

The package will help meet Ukraine's "urgent balance of payment needs... while playing a catalytic role for future financial support from Ukraine's creditors and donors," the IMF said in a statement adding the scale and intensity of Russia's war against Ukraine that started more than seven months ago have caused...

While Saudi Arabia has said it does not use oil as a political tool, US experts see this as a direct rebuff to the Biden administration.

Stocks mostly slid and the dollar surged after US jobs data showed only a timid slowdown in the labor market, setting the stage for further interest rate hikes. Equity markets have taken a battering as the US Federal Reserve has made it clear it intends to continue raising interest rates...

World food prices have fallen for a sixth month in a row in September, UN data showed as they continued to fall after a record reached after Russia's invasion of Ukraine. The Food and Agriculture Organization said its price index, which tracks monthly change in global prices of food commodities,...

EU leaders meeting in Prague looked to bridge divisions on how to tackle soaring energy prices as they grapple with the fallout from Russia's war on Ukraine. President Volodymyr Zelensky was dialling in from Kyiv as the bloc looks to maintain its economic and military support for Ukraine and hold...

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.'

IMF chief Kristalina Georgieva urged global policymakers to take concerted action as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to address challenges including inflation.

Moscow---The Kremlin said Thursday that an OPEC+ decision to sharply cut production was designed to stabilize global oil markets, after Washington said the move was a concession to Moscow. "The decisions that were taken were aimed at stabilising oil markets," Kremlin spokesman Dmitry Peskov said. He said it was proof...

Amid crippling energy shortages, the British government is negotiating with Qatar and Norway to secure new long-term gas contract, according to media reports. The reports said that Prime Minister Liz Truss is in favor of the deal, which would secure long-term energy sources and cut down the cost of the...

Oil prices had slid in recent weeks back to the levels before the war in Ukraine on concerns of a global slowdown, but have surged in recent days on expectations of the production cut. The main international crude contract, Brent, jumped two percent following the decision before finishing at $93.37...

The latest package -- the eighth since Russia's invasion in February -- is now going through a final approval procedure which, if no objections emerge, will be published and come into effect on Thursday, the Czech Republic's EU ambassador said.

The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement. It is the biggest cut since the height of the Covid pandemic in...

The EU is "ready to discuss" a price cap on gas within the bloc to bring down soaring energy costs, European Commission chief Ursula von der Leyen said Wednesday. Her comment, to the European Parliament, signaled a shift in tone after powerhouse EU country Germany had expressed worries that a...

The Riyadh Chamber hosted a meeting in which 23 Russian companies and representatives of the Saudi Arabian business sector participated.

Germany pushed back against critics of a 200-billion-euro ($198-billion) energy fund, as Berlin faces fresh accusations it is going it alone in helping citizens face a historic price shock.

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.

Europe must ramp down gas consumption to survive the winter given perilously low stocks amid fears of a total cut off of Russian supplies, the International Energy Agency said.

Turkey's foreign minister signed a deal in Libya's capital Monday allowing for oil and gas exploration in 'Libyan waters'.

The presidents of the countries issued a joint statement saying they could not "stay silent in the face of the blatant violation of international law by the Russian Federation". "We reiterate our support for the sovereignty and territorial integrity of Ukraine," they said.

The Sharjah Chamber of Commerce and Industry (SCCI) has organized a forum to discuss ways to boost economic ties and deepen commercial collaboration with Russian business community.