Stock markets mostly rose, extending last week's strong gains, while oil prices fell after China reaffirmed its commitment to its economically painful zero-Covid policy. The Chinese government said it would stick to its current plan, which involves harsh lockdowns and strict quarantine and testing regimens.

Meta is planning to sack thousands of employees this week, becoming the latest tech firm to scale back its workforce. According to the Wall Street Journal the layoffs could impact "many thousands" of Meta employees. The company has about 87,000 employees worldwide working across its different platforms.

It would take two years after the passing of the law to fully restore conscription, Iraqi MP Watout said, adding that only-sons and breadwinners would be exempted.

Three months after launching a satellite with the help of Russia, Iran has announced the successful test flight of a rocket capable of propelling satellites into space. While countries like the US have voiced concern that it could boost Iran's ballistic missile technology, Iran insists that such launches are for...

US Secretary of State Anthony Blinken reaffirmed Washington's commitment to a two-state solution to the Israeli-Palestinian conflict in a phone call with Palestinian President Mahmoud Abbas, the State Department said. The move came as Israel's former prime minister Benjamin Netanyahu, who has not endorsed the two-state idea, is set to...

Iranian students protested and shopkeepers went on strike despite a widening crackdown, according to reports on social media, as demonstrations that flared over Mahsa Amini's death entered an eighth week.

No Iranian cryptocurrency platforms are currently under sanctions. But US-imposed restrictions prohibit a US entity or US national from selling goods and services to Iranian residents, businesses or institutions. The ban includes financial services. Binance was founded in 2017 by a Chinese-Canadian entrepreneur but following regulations on its activities in...

The Saudi ambassador to the United States, and a number of embassy staff were present on the occasion.

Blinken voiced "his deep concern over the situation in the West Bank, including heightened tensions, violence and loss of both Israeli and Palestinian lives, and underscored the need for all parties to urgently de-escalate the situation." The West Bank has seen near-daily army raids and an increase in clashes and...

Elon Musk, the world's richest person, who took ownership of Twitter last week, hailed the correction saying the feature that produced it was awesome."Our goal is to make Twitter the most accurate source of information on Earth, without regard to political affiliation," Musk tweeted.

Struggling to bring down the runaway inflation, the Bank of England is expected to hike its key interest rate on Thursday by the biggest amount since 1989. The BoE is expected to lift borrowing costs by 0.75 percentage points to three percent, according to market consensus, which would be the...

Abu Dhabi, UAE--- The Emirates Nuclear Energy Corporation (ENEC) has signed a three-year agreement with the Atlantic Council to collaborate on the Council’s Nuclear Energy Policy Initiative and support its efforts in promoting nuclear energy as a central component to the clean energy transition. The Atlantic Council is a US-based...

Global stock markets rose as traders looked to the US Federal Reserve's interest rate decision hoping it will signal a more dovish approach to fighting inflation. The Fed is widely expected Wednesday to announce a fourth straight 75-basis-point rate hike leading to worries it will tip the world's top economy...

The Partnership for Accelerating Clean Energy will see the two countries develop, finance and deploy clean projects in the US, UAE and other countries; invest in responsible and resilient supply chains; and promote investment in green mining, production and processing of minerals and materials that are vital to the energy...

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

Since the last Arab League summit in 2019, several members of the 22-member bloc -- for decades a forum for strident declarations of support for the Palestinian cause -- have normalised ties with the Jewish state. The United Arab Emirates went first in a historic US-mediated deal that made the...

More than a year after it took power, Taliban has failed to curb opium poppy cultivation in the country as production and exports have boomed. According to the UN's drugs agency the poppy cultivation has gone up by a third despite the Taliban's ban in April on the cultivation.

His comments came days after oil giants ExxonMobil and Chevron reported bumper earnings, reflecting how a surge in crude prices after Russia's invasion of Ukraine has boosted the industry. Natural gas costs have also risen, due to Europe's mobilization to offset lost imports from Russia.

Russia's blockade of grain exports makes it "impossible" for fully loaded ships to leave port, Ukraine charged after Moscow claimed drone attacks on its Crimea fleet had exploited the grain corridor safe zone. Kyiv's maritime grain exports were halted after Russia pulled out of a landmark agreement that allowed the...

Hike in profit was due to high oil, natural gas prices.

Volatile markets were mostly trading up after the ECB announced an expected hike to interest rates in the face of sky-high inflation and the US economy posted positive figures. The European Central Bank rolled out another increase of 75 basis points, despite growing concern the eurozone is hurtling towards a...

The US economy rebounded in the third quarter, expanding for the first time this year in welcome news for President Joe Biden days ahead of midterm elections, government data showed. Economic issues have become a flashpoint in the United States, with decades-high inflation weighing on growth and squeezing households.

Calling for tough action against Iran, president of Israel has shared intelligence with the United State to prove that Tehran supplied drones to Russia that have reaped destruction in Ukraine. In this connection, President Isaac Herzog held talks with Secretary of State Antony Blinken on a visit to Washington.

US automaker was bolstered by strong vehicle pricing.

Most markets rose on hopes the Federal Reserve would soon slow its pace of interest rate hikes, though the mood was darkened over China after President Xi Jinping tightened his grip on power. The yen weakened against the dollar after a short rally after speculation Japanese authorities had stepped into...

Jerusalem, Undefined—Israel's Supreme Court on Sunday paved the way for the signing of a maritime border deal with Lebanon, after it rejected appeals that the pact requires parliamentary approval. The signing is expected later this week. Israel and Lebanon, who are technically at war, agreed to terms earlier this month on...

The Future Investment Initiative (FII) was launched in 2017 as an economic coming-out party for the world's largest crude exporter, which is trying to diversify away from oil.

With dozens dead in demonstrations all across the country during the last several weeks, Iran now says that "riots" over the death of Mahsa Amini in police custody have reached their final days. Amini was arrested for allegedly violating the country's strict dress code for women.

The British pound sank against the dollar on political uncertainty after the resignation of UK Prime Minister Liz Truss, while weak economic data added to the turmoil. The dollar strengthened also on expectations that the US Federal Reserve would press ahead with its program of bumper interest rate hikes to...

Twitter had filed a lawsuit to hold Musk to the terms of the takeover deal he inked in April, even though Musk tried to get out of it. A US judge recently suspended litigation in the saga after Musk expressed a change of heart, giving the parties until October 28...

US federal agencies have often concentrated on headline-grabbing suspects like Heather Morgan, an amateur rapper nicknamed "Razzlekhan" who was charged with money laundering in February, and more recently reality TV star Kim Kardashian, who was fined this month for illegally promoting a cryptocurrency.

Having spent months trying to break free of the $44 billion buyout contract, Elon Musk now says he is "excited" about taking over Twitter. The social media giant had filed a lawsuit to hold Musk to the terms of the deal he inked in April after the Tesla chief said...

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...

The decision to make the biggest-ever dip into the emergency oil reserves -- usually kept for responding to situations such as hurricane-related shutdowns at oil refineries -- was Biden's gambit to calm energy markets and shield the world's biggest economy from Ukraine war shocks.

The company said it ended the third quarter with slightly more than 223 million subscribers worldwide, up some 2.4 million, after seeing subscriber ranks ebb during the first half of the year.

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...

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...

State Department spokesman Vedant Patel told reporters that Russia deepening an alliance with Iran is something the whole world, especially those in the region and across the world, frankly should be seeing as a profound threat. Ukrainian officials said that the strikes killed four people in Kyiv and knocked out...

Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism from the US over the kingdom’s decision to cut oil output. From the UAE to Oman, Algeria to Bahrain, the governments have condemned what they termed as the politicizing of...

The organizer said he did not want the gathering "to become a political platform". The decision not to invite American officials, a departure from previous years, comes as tensions rise between longtime partners Washington and Riyadh over the Saudi-led OPEC+ cartel's recent vote to cut oil production.

It has agreed to pay $495 million as part of a deal reached with US prosecutors in a long-running dispute over mortgage-backed securities. The disputed dating back to the 2008 financial crisis will see the European lender make the "one-time payment" in order to resolve claims for compensation.

Accusing the US President Joe Biden of "inciting chaos" after he expressed support for protests in Iran, President Ebrahim Raisi said that "the enemy's plot" should be countered by effective measure to resolve people's problems. The country has been rocked by protests since Mahsa Amini's death in custody.

UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini met with India's Minister of Finance Nirmala Sitharaman on the sidelines of the G20 meetings in Washington.

Washington, US—Bahrain has called for adoption of innovative solutions to encourage economic growth and sustainable development goals for all countries. The country's Finance and National Economy Minister, Shaikh Salman bin Khalifa Al Khalifa, has stressed the importance of strengthening international cooperation. The minister  took part in the meeting of the...

Reacting to British PM Liz Truss's abandoned tax cut reform, US President Joe Biden has termed it a "mistake" as the Conservative leaded went into crisis talks to hammer out a new budget plan. British tax cuts were the centerpiece of a radical economic reform announced by Truss and her...

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...

A few days after US President Joe Biden said that there would be consequences for Saudi Arabia on its decision to cut oil production target, the kingdom today said that the OPEC+ decision was unanimous and took into account the balance of supply and demand. The kingdom rebuffed statements criticizing...

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...

German Chancellor Olaf Scholz criticized US climate protection plans that would shield domestic companies from foreign competition, saying they could trigger "a huge tariff war". Unease has been growing abroad about US President Joe Biden's landmark "Inflation Reduction Act", which includes tax breaks for US-made electric cars and batteries.