Russia hits Ukraine govt offices in war’s biggest air attack
Kyiv, Ukraine -- Russia fired its biggest-ever aerial barrage at Ukraine early Sunday, killing four people and setting government offices in Kyiv ablaze, an attack President Volodymyr Zelensky warned would prolong the war. Flames could be seen rising from the roof of the sprawling government complex that houses Ukraine's cabinet...
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 percentIndian central bank raises interest rates to tame inflation
India's central bank on Wednesday hiked rates for a second time in as many months, as Asia's third-largest economy reels from galloping inflation in the wake of the Ukraine war.Lavrov in Turkey for talks on Ukraine grain exports
Russian Foreign Minister Sergei Lavrov began a two-day visit to Turkey on Tuesday for talks on unblocking grain exports from Ukraine, which have been stalled by Moscow's offensive. The plane carrying Lavrov landed at the airport in the Turkish capital Ankara, an AFP photographer saw.Iraq to France: Ready to supply European markets oil
Iraq's State Organization for Marketing of Oil (SOMO) has said it approached France about the possibility of Iraq's supplying the European market with oil. The Organization's General Manager Alaa Al-Yasiri said that French parties concerned with the possibility of being supplied with oil have been addressed but gave no further...Russia warns of conflict with US over arms deliveries to Ukraine
The planned delivery of new US weapons to Ukraine, including advanced missile systems, increases the risk of drawing the United States into direct conflict with Russia, Moscow said Wednesday. On Tuesday, Washington said it will be supplying Ukraine with advanced missile systems, including the Himars multiple-launch rocket system.Morocco battles effects of climate change
A withering drought and poor harvests plus price hikes fueled by the war in Ukraine are threatening Morocco's fragile economic recovery.
In Bahrain, Russia’s Lavrov wants Ukraine, West to resolve food crisis
Russian Foreign Minister Sergei Lavrov said Tuesday it was up to the West and Kyiv to resolve a growing global food crisis provoked by the conflict in Ukraine. Russia's offensive in Ukraine and Western sanctions have disrupted deliveries of wheat and other commodities from the two countries, fuelling concerns about...
Turkey shows off drones at Azerbaijan air show
Looping in the air at lightning speed, Turkish drones like those used against Russian forces in Ukraine draw cheers from the crowd at an air show in Azerbaijan. Turkey is showcasing its defence technology at the aerospace and technology festival "Teknofest" that started in Azerbaijan's capital Baku this week.Tokyo shares climb up after Wall Street gains
Tokyo stocks opened higher on Thursday following gains on Wall Street, despite ongoing worries over inflationary pressure due to the war in Ukraine. Global markets perked up after the US Federal Reserve released its minutes in which policymakers, as investors expected, agreed that they need to raise rates by 50...Seeking new start, Russian professionals set up shop in Dubai
Entrepreneurs, lawyers and art dealers are among those flocking to the financial hub in the oil-rich United Arab Emirates, which had refused to join a UN Security Council vote condemning Russia's war.
After banning wheat shipments, India caps sugar exports
India said it has capped sugar exports to safeguard its own supplies and ease inflation, days after a ban on wheat shipments sent global prices soaring in the wake of the Ukraine war.
ECB warns of risks to financial markets from Ukraine war
Russia's invasion of Ukraine has put financial markets under renewed stress by driving up prices and impeding growth, the European Central Bank said in a report. The war has "increased financial stability risks through its impact on virtually all aspects of economic activity", ECB vice-president Luis de Guindos said in...
