Kyiv, Ukraine -- Ukraine was scrambling to turn lights and heating back on Sunday after Russian attacks targeting energy infrastructure reduced the country's power generating capacity to "zero". Moscow, which has escalated attacks on Ukraine's infrastructure in recent months, launched hundreds of drones at energy facilities across the country overnight...
Russia to launch Iran satellite into orbit next week
News of the launch follows Putin's visit to Iran on July 19, when he met President Ebrahim Raisi and Iran's supreme leader Ayatollah Ali Khamenei.
First wheat shipment leaves Ukraine as war heats up
The first shipment of Ukrainian grain left the port of Odessa on Monday morning, Turkey announced, as Kyiv said the "brutal" shelling by Moscow of the southern city Mykolaiv had killed an agriculture tycoon.First grain cargo ship could leave Ukraine port Monday, says Turkey
A spokesman for the Turkish presidency said there was a "high probability" that a first ship carrying Ukrainian grain could leave Ukraine's port of Odessa on Monday. That is despite Russian missiles hitting the city in the wake of the July 22 agreement on shipping grain between Russia, Turkey, the...
Saudi Arabia GDP climbs nearly 12% in Q2 on oil price hike
Saudi Arabia's year-on-year economic growth in the second quarter was 11.8 percent compared to the same period last year, according to initial "flash" estimates published by the General Authority for Statistics. The Middle East's largest economy has benefited from a spike in oil prices and has resisted appeals from Western...
Lebanon seizes Syrian ship with ‘illegal’ Ukrainian grain
A Lebanese prosecutor ordered the seizure Saturday of a Syrian-flagged ship that docked at a northern port with a cargo of Ukrainian grain Kyiv's embassy in Beirut said was "illegal".
Blinken and Lavrov hold ‘frank’ first talks since start of war
The top diplomats of the United States and Russia spoke Friday for the first time since the Ukraine war, with Secretary of State Antony Blinken describing a "frank" exchange as he pushed to free two Americans. Blinken initiated the call with Foreign Minister Sergei Lavrov, whom he had shunned a...
Islamic Development Bank approves $10.54bn food security package
The Islamic Development Bank (IsDB) Group has agreed on a $10.54 billion package for the Comprehensive Food Security Response Program (FSRP) that will support member countries in addressing the ongoing food crisis and increase the group's ongoing efforts to contribute to strengthening its members' resilience to future food security problems....
UAE lauds Turkiye’s role in Russia-Ukraine grain exports pact
The UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan in a phone call to his Turkish counterpart Mevlüt Çavuşoğlu described the agreement as a ''key step.''
Dubai most expensive city in Arab world
Mercer’s 2022 Cost of Living City Ranking ranks the emirate the 31st most expensive city in the world.
UAE applauds grain export deal between Russia and Ukraine
The UAE has welcomed the agreement reached between Russia and Ukraine on the export of grain, and has applauded the role of Turkey and the United Nations in helping the two countries to sign the Black Sea Grain Export deal.African Union lauds Russia for allowing Kyiv to resume grain export
Ukraine and Russia and two of the world's largest grain producers.Wheat prices fall as Russia-Ukraine export agreement takes off
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...Ukraine says trusts UN, not Russia, in grain deal
Ukraine and Russia signed a deal on Friday to unblock grain exports and relieve a global food crisis, as a critical Russian gas pipeline to Europe reopened. However, there was no respite in the conflict on the ground, with Russian artillery on Thursday pounding Ukraine's second largest city Kharkiv, already...Syria cuts off ties with Ukraine, clings to its ally Russia
Syria announced Wednesday that it was severing ties with Ukraine in support of its close ally Russia, saying the move was a response to a similar move by Kyiv.
UAE, France commit to expand collaboration across all fields
In a joint statement, French President Emmanuel Macron and UAE President Sheikh Mohamed bin Zayed Al Nahyan who visited France on July 18 and 19 expressed deep concern regarding war in Ukraine, its terrible impact on civilians, the humanitarian situation, and its effects on commodity markets worldwide.
Jordan tourism sector rides high on back of 1.9m visitors to kingdom
The tourism sector of the Jordanian economy has seen a huge growth, with more than 1.9 million visitors arriving in the kingdom during the first six months of the current year Tourism Minister Nayef Al-Fayez described the situation as reassuring. He said the return of expatriates was an important component...
Iran, Russia, Turkey presidents to talk Syria war in Tehran
With the war in Ukraine still raging, Russian President Vladimir Putin travels Tuesday to Tehran for talks with his Iranian and Turkish counterparts on the Syria conflict. Russia, Turkey and Iran have in recent years met to discuss Syria as part of the so-called "Astana peace process" to end more...Biden announces $1 bn in food aid for Middle East: US official
The president will announce today that the United States has committed $1 billion in new near to long-term food security assistance for the Middle East.
Biden vows to defend KSA, halt Iran’s nuclear bid
A joint communiqué, issued after US president's meetings with King Salman and Crown Prince Mohammed bin Salman, outlines the strategic alliance between the two countries.
European Union cuts growth forecasts as war-stoked inflation surges
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...Russia and Ukraine near grain deal in first talks since March
Russia and Ukraine on Wednesday made substantive progress in their first direct talks since March on a deal to relieve a global food crisis caused by blocked Black Sea grain exports. The high-stakes meeting involving UN and Turkish officials in Istanbul broke up after slightly more than three hours with...Supply risks still haunt market despite high oil prices: IEA
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.
Russia and Ukraine seek to break grain impasse in Turkey
The four-way meeting in Istanbul comes with Russia's invasion of Ukraine showing no sign of abating.
GCC expects moderate impact of global recession
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.Iran to supply Russians with UAVs for Ukraine: White House
Iran is planning to supply hundreds of drones with combat weapon capabilities to Russia for use in Ukraine, a top US official said Monday. Jake Sullivan, the White House national security advisor, said the information received by the United States supported views that the Russian military is facing challenges sustaining...
World food prices fell in June but remain very high: FAO
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...High commodity prices to keep inflation up
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.Oil prices may hit $380 a barrel if Russia lowers crude output
Global oil prices may hit $380 a barrel if Russia were to announce crude oil cuts in response to the US and European curbs.In the ‘borshch war’, Kyiv defeats Moscow
UNESCO inscribes the culture of cooking borshch soup in Ukraine on its list of endangered cultural heritage amid Moscow's opposition.Expanding NATO squares up to Russia as Putin slams ‘imperial’ alliance
The United States vowed to reinforce Europe's defences in the wake of Russia's invasion of Ukraine, as NATO declared Moscow the West's greatest threat -- prompting Vladimir Putin to lash out at the alliance's "imperial ambitions". Meeting in Madrid Wednesday, NATO leaders said Russia "is the most significant and direct...
OPEC meeting expected to stick to oil output boost
Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at their meeting on Thursday, despite pressure to further increase production. Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.Egypt to receive $500 mn from World Bank to boost food security
Egypt's food security has been under mounting pressure since Russia invaded Ukraine in late February causing massive disruption to exports from Black Sea ports. Before the invasion, the two countries accounted for 85 percent of Egypt's wheat imports.
Gulf boosts oil production amid global fuel crisis
Saudi oil giant Aramco has built new refineries in Jazan to boost its production capacity to 400,000 barrels a day to compensate for the fuel shortage triggered by curbs against Russia.US sanctions Russia’s defence sector, bans its gold import
United States is seeking to crack down on Russians seeking to skirt existing sanctions by "covertly" acquiring US, Japanese and European defence components.
Ukraine war could boost illegal drug production: UN
The war in Ukraine could allow illegal drug production to flourish, while the opium market's future hinges on the fate of crisis-wracked Afghanistan, the United Nations warned Monday. Previous experience from the Middle East and Southeast Asia suggests conflict zones can act as a "magnet" for making synthetic drugs.
G7 meet: World powers ban gold exports from Russia
US President Joe Biden and his counterparts from the world's most industrialized nations are gathering at Elmau Castle in the Bavarian Alps before they continue on to Madrid for talks with NATO partners.Energy shock tests G7 leaders’ climate resolve
Leaders of the Group of Seven rich nations will be under pressure to stick to climate pledges in Bavaria from Sunday, as Russia's energy cuts trigger a dash back to planet-heating fossil fuels. Germany finds itself in an awkward position as G7 summit host, having recently announced that Europe's biggest...US President seeks support for Ukraine from G7 leaders
G7 leaders including US President Joe Biden gather on Sunday in southern Germany, seeking emphatic backing for Ukraine against Russia's invasion while grappling with the intensifying global fallout of the war. Ahead of the talks, British Prime Minister Boris Johnson urged allies not to waver in their support.
G7 summit to inflict more pain on Russia over Ukraine invasion
Leaders at the upcoming G7 summit in Germany will announce new measures aimed at pressuring Russia over its invasion of Ukraine, a senior US official said Wednesday.
Global personal luxury goods market hits US$300bn
The market benefited from an exuberant 2021 holiday shopping season across the regions, with a seven percent increase over the same period in 2019.Inflation, subsidy reform hit stomachs in isolated Iran
Inflation is making an unwelcome comeback globally -- stoked by high energy and food prices, driven largely by Russia's invasion of Ukraine, a major wheat producer, and by related sanctions on Moscow. But Iran has been wrestling with rampant price growth for years, exceeding 30 percent annually every year since...
Italy’s Eni joins giant Qatar gas project after Russian cuts
Eni will own a stake of just over three percent in the $28 billion North Field East project, the world's biggest natural gas field, said Qatar's Energy Minister Saad Sherida al-Kaabi, who is also president and CEO of state-owned Qatar Energy. France's TotalEnergies was its first, and largest, foreign partner...
Biden visit a shot in the arm for Saudi crown prince
As Saudi Arabia's Crown Prince Mohammed bin Salman prepares to mark five years as de facto leader, he is finally arriving on the world stage, getting a boost of sorts with the arrival of US President Joe Biden next month. Biden's trip - after Russia's invasion of Ukraine sent oil...
Fuel prices hit record highs in Morocco
Petrol prices rose to record highs in Morocco on Thursday, fuelling anger among unions who demanded the government of energy tycoon Aziz Akhannouch act to protect consumers. Drivers in Morocco, which relies heavily on imported oil products whose prices have soared since Russia's invasion of Ukraine, must now pay 18...Hunger crisis could swell already record global displacement: UN
Russia's war in Ukraine has pushed global displacement numbers above 100 million for the first time, and the UN warns the resulting hunger crisis could force many more to flee their homes.
Gazprom to cut Italian energy giant Eni’s gas supply by 15 percent
Russia's Gazprom told Eni it would cut its gas supply by around 15 percent for Wednesday, the Italian energy giant said, amid tensions between Moscow and the West following its invasion of Ukraine. "Eni confirms that Gazprom has announced a limited reduction in gas supplies for today, amounting to around...
Ex-PM says Putin ‘out of it’, Ukraine war could last two years
He was Vladimir Putin's first prime minister but Mikhail Kasyanov never in his worst nightmares imagined that his former boss would unleash a full-scale war on Ukraine. Speaking to AFP in a video interview, Kasyanov, Russia's prime minister from 2000 to 2004, said he expected the war could last up...Ahead of food security meet, WTO chief ‘cautiously optimistic’
The WTO is hoping to keep criticism of Russia's war in Ukraine to the first day of talks, when many of the more than 100 ministers due to attend are expected to issue blistering statements.End of an era as Russia’s McDonald opens in new avatar
The US fast-food giant announced on May 16 that it would exit Russia in the wake of its Ukraine offensive.Zara owner Inditex profits up
The company's net profit increased by 80 percent
