Geopolitical tensions boost oil, weigh on equities
Geopolitical tensions sent oil prices climbing and weighed on equities as investors also continued to worry about prospects for interest rate cuts amid stubbornly-high inflation. "Heightened tensions between Ukraine and Russia have brought a halt to the rally in equity markets seen last week," said Russ Mould, investment director at...
OPEC cuts 2022 world oil demand forecast due to Ukraine war
In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast
From Denmark to Portugal, Europe ups effort to quit Russian gas
In Denmark, large black pipes are about to be buried in a muddy trench, as construction of a gas pipeline from Norway to Poland resumes following Russia's invasion of Ukraine. From plans for liquefied natural gas terminals in northern Germany, Finland and France to potential new routes through Spain and...
WTO: War in Ukraine could halve 2022 global trade growth
Russia's invasion created a crisis of 'immense proportions' and a 'severe blow' to the global economy. Russia's war in Ukraine could almost halve world trade growth this year and drag down global GDP growth too, the World Trade Organization (WTO) projected Monday. The WTO said that the Russian invasion dealt...Italy PM in Algeria seeking gas to reduce Russia reliance
Italian Prime Minister Mario Draghi arrived in gas powerhouse Algeria on Monday as Rome steps up efforts to reduce its heavy reliance on Russian energy imports. Italy buys the vast majority of its natural gas from overseas, with over 40 percent of those imports coming from Russia. But the war...Ericsson pulls out of Russia
Swedish firm said it was suspending its operations.Russia’s alarming hold over German energy infrastructure
The war in Ukraine has exposed not only Germany's dependence on Russian gas, but also the large share of Russian capital in the country's oil refineries, pipelines and other gas infrastructure. Energy deals with Russia were long seen as part of a German policy of keeping the peace through cooperation...
Future uncertain for Germany refinery fed on Russian oil
The PCK refinery in Germany has been processing crude oil from Russia since before reunification, but a looming ban on Russian oil has put its future in doubt.
Egypt inflation rises to 12.1 percent as foreign reserves dip
Egypt’s annual inflation rate hit 12.1 percent in March, official figures showed Sunday, as foreign reserves declined by $4 billion during the same month, according to the central bank. "The annual headline inflation rate recorded 12.1 percent for March 2022, compared to 4.8 percent for the same month last year,"...
Bonded by war, Syria rescuers offer tips to Ukraine
In a bombed-out building in northwest Syria, rescue workers who for years have braved Russia's war strategies film a tutorial video for Ukrainian volunteers.Famine-threatened Yemen fears impact of Ukraine war
Across the MENA region, people are struggling to secure even the most basic staples in view of soaring food and fuel prices triggered by Russia's February invasion of Ukraine.
Civilians flee east Ukraine as Boris Johnson visits Kyiv
Evacuations resumed on Saturday from Kramatorsk, in eastern Ukraine, where a missile strike killed 52 people at a railway station a day earlier, as British Prime Minister Boris Johnson became the latest Western leader to visit Kyiv.
Ukraine invasion places sharp new focus on calls for UN reform
Experts say the chances of reforms will remain slim so long as the permanent members refuse to accept any dilution of their power.
Ukraine calls for ‘global response’ as train station attack kills 52
Russia denied being behind the missile strike, which came even as European Commission President Ursula von der Leyen and EU foreign policy chief Josep Borrell were visiting Kyiv for talks with Ukrainian President Volodymyr Zelensky and to visit the scene of civilian killings in the town of Bucha.World food prices hit record high over Ukraine war: FAO
Russia's invasion of Ukraine sent ‘shocks’ through markets for staple grains and vegetable oils, the UN's Food and Agriculture Organization has said.Shell to lose $5 bn
Nations and their companies have axed business ties with Russia over Ukraine.
Civilians try to flee east Ukraine as Russia prepares attack
More than 11 million people in Ukraine have been displaced since Russia invaded on February 24, aiming to seize the capital Kyiv. With that goal thwarted, it is instead trying to create a land link between occupied Crimea and Moscow-backed separatist statelets in Donbas.
ECB, Binance spar over use of cryptos to evade Russia sanctions
The European Central Bank has voiced its concern that cryptos can be used to evade Russian sanctions. But, the co-founder and CEO of Binance, the world’s largest crypto exchange by trading volume, said cryptos cannot be used to dodge sanctions.
US to ban “all new investments” in Russia: Report
The United States, in coordination with the G7 and European Union, will ban "all" new investments in Russia on Wednesday in its latest round of sanctions, a source said. The joint measures, in response to Russia's invasion of Ukraine and alleged carrying out of atrocities, "will include a ban on...EU plans to punish Russia more with sanctions on oil or coal
The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top official said on Tuesday, though some countries remain worried of the potential economic fallout.Saudi Arabia to import 625,000 tons of wheat later this year
The wheat is being procured from Europe, North and South America, and Australia, and will arrive in Saudi Arabia from September to November this year.Russia invasion of Ukraine pushes Turkey inflation to record 61.1%
Inflation was up from 54.4% in February to 61.14% in March.
Suez Canal posts 20% jump in revenue in Q1 of 2022
Suez Canal posted twenty percent increase in revenue in the first quarter of 2022 despite the Russian-Ukraine war disturbing the global supply chain.
Ukraine claims Kyiv region as Russia pullback reveals aftermath
Ukrainian authorities said Saturday the body of a well-known photographer, Maks Levin, had been found near a village in the region around Kyiv that had been caught up in the fighting. Levin became the sixth journalist killed in the war, according to Reporters Without Borders.Russia continues to batter Ukraine amid rescue efforts
Peace talks between Kyiv and Moscow resumed via video amid evacuations from Ukraine, but the Kremlin warned that what it described as a helicopter attack on a fuel depot would hamper the negotiations. The airstrike hit energy giant Rosneft's fuel storage facility in Belgorod, around 40 kilometers from the border...
Ortega heiress heads Zara parent
Marta Ortega on Friday took the reins of Zara-owner Inditex.Pentagon commits extra $300m in security aid to Ukraine
The package includes laser-guided rocket systems, drones, ammunition, night-vision devices, tactical secure communications systems, medical supplies and spare partsWorld Bank urges support for poor as food prices soar
Developing and import-dependent countries have been heavily impacted by Russia's invasion of Ukraine -- the two countries that account for more than a quarter of the world's annual wheat sales.
Moscow gas threat as NATO warns Russians ‘regrouping’ in Ukraine
Russia threatened Thursday to turn off its gas taps to Europe if the continent fails to pay in rubles, opening up a new front amid its war in Ukraine, where NATO and Kyiv warned that Russian troops were regrouping for new attacks. Over a month into Russia's invasion of its...OPEC+ sticks to modest oil output increase despite Western pressure
The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia backed an increase of 432,000 barrels per day in May, marginally higher than in previous months.
Ukraine war has ‘deadly’ impact on Arab region: US top diplomat
Russia's invasion of Ukraine is having a "deadly" impact in the Arab world, particularly through spiralling wheat prices, US Secretary of State Antony Blinken said in Algiers Wednesday. He was speaking on the final leg of a trip that began with an unprecedented Israeli-Arab summit in the Negev desert, attended...
Saudi deposits $5bn in Egypt, plans to invest double: State media
The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totaling a projected $10 billion, according to a statement by the Egyptian cabinet.
Tunisia facing major structural challenges, weak growth, social inequity: IMF
Tunisia is facing major structural challenges that result in deep macroeconomic disequilibria, a weak growth in spite of its strong potential, a high unemployment rate, weak investment, and social inequality, International Monetary Fund has said. The impact of the pandemic and the war in Ukraine are now adding to these...Russia says will scale down Kyiv offensive; Ukraine, West sckeptical
Vladimir Putin’s pledge to scale down military activity was met with skepticism in Ukraine and Western capitals, with the Pentagon saying Moscow had merely repositioned a ‘small number’ of forces near Kyiv, but could be preparing a ‘major offensive’ elsewhere.Blinken in Morocco for security talks, meets UAE leader
Blinken also said he was "encouraging partners to speak out against Russian aggression" and said he doubted Russia's "seriousness" in talks with Ukraine held in Turkey.Palestine wants Russia-Ukraine war to stop: Minister
Hard-pressed to prop up the economy and stem steep price hikes if the Ukraine war continues, Khaled Osaily, Economy Minister of the Palestinian Authority, is praying for peace.Saudi minister says oil volatility would be worse without OPEC+
Volatility on oil markets sparked by Russia's invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit.
KSA launches global campaign for its bid to host Expo 2030 Riyadh
Five countries, including Saudi Arabia, South Korea, Italy, Ukraine and Russia are in the reckoning for the 2030 World Expo.Ukraine retakes Kyiv suburb, as negotiations for peace resume
Ukrainian troops "liberated" the suburban town of Irpin, Interior Minister Denys Monastyrsky said, wresting a key gateway to the capital's northwest from Russian control, even as its negotiators prepared to meet Russian counterparts for face-to-face talks in Istanbul on Tuesday.Turkey spots another mine floating off its coast
Turkey on Monday said a second mine which could have come from Ukraine was discovered off its coast near Bulgaria, adding that experts had been sent to defuse it.Abbas slams West’s ‘double standards’ on Ukraine, Palestinians
Blinken held talks with Abbas on the first full day of a trip that includes a meeting with the foreign ministers of Israel and four Arab countries.
French FM says world powers must ‘keep talking’ with Putin
International powers must keep talking with Russia's President Vladimir Putin until he is ready to end his invasion of Ukraine, France's Foreign Minister Jean-Yves Le Drian said Sunday.
UAE to invest $2bn in Egypt in order to bolster its economy
The UAE is going to invest some $2 billion in Egypt by buying up the state-owned companies in order to shore up the country's teetering economy as hardships from the Ukraine war spike.
Russians can do business in Turkey, says minister
Turkey’s Foreign Minister Mevlut Cavusoglu has said Russia's oligarchs can continue to do business in his country so long as they respect national and international law.
US steps up pressure as Russia continues Ukraine attack
In an impassioned speech from the Royal Castle in Warsaw, delivered after meeting top Ukrainian ministers in Poland and earlier conferring with NATO and EU allies on the conflict, US President Joe Biden plainly warned Russia: ‘Don't even think about moving on one single inch of NATO territory.’Hollywood grapples with Ukraine ahead of Oscars
Hollywood A-listers are rarely shy about making political statements at the Academy Awards -- despite accusations of hypocrisy.UN to again ‘demand’ Russia ‘immediately’ end war in Ukraine
The vote comes after 141 countries approved a previous non-binding resolution on March 2 that similarly demanded that Russia immediately cease the use of force against Ukraine. In that vote, five states, including Russia, voted against and 35 abstained.
Morocco announces over $200m in fuel aid for truckers
The package, reached after weeks of pressure including a nationwide strike by truckers demanding price controls, covers 180,000 vehicles
Biden heads to Europe to bolster West’s unity, toughen Russia sanctions
President Joe Biden leaves Wednesday for Europe on a mission to bolster Western unity, ramp up unprecedented sanctions against Russia over its invasion of Ukraine and attempt to upset the post-Cold War balance of power. The conflict with Russian President Vladimir Putin is redefining Biden's 14-month old presidency as he...Biden tells US businesses to ‘harden’ defenses against Russia cyber threat
Biden cited "evolving intelligence that the Russian government is exploring options for potential cyberattacks."Japan presses UAE to pump more oil as Ukraine war spikes prices
The plea by Japan's Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by Germany's economy minister.
