Economy
Business and economy news
1542 articles in this section
Black Sea Attacks Escalate: Russian and Ukrainian Strikes Threaten Global Food Supplies
Attacks on shipping in the Black Sea, attributed by Ukraine to Russia, are threatening global food supplies by disrupting grain exports and making maritime routes unsafe. The incidents have led to a sunken freighter and raised concerns about food security in Africa, Asia, and the Middle East.
India's Remarkable Poverty Reduction Amidst Widening Inequality: A World Bank Analysis
India has made remarkable progress in poverty reduction, lifting nearly 500 million people out of extreme poverty between 2011 and 2023, according to a World Bank report. However, this achievement is contrasted by a significant widening of income and wealth inequality, raising concerns about sustainable development and equitable growth.
AI Boom to Fuel Long-Term Surge in LNG Demand, Adnoc Gas CEO Predicts Amid Shipping Disruptions
Adnoc Gas CEO Fatema Al Nuaimi predicts a long-term surge in LNG demand, primarily driven by the energy requirements of artificial intelligence development. This outlook persists despite ongoing shipping disruptions in the Strait of Hormuz and damage to key LNG facilities.
Prime Minister Madbouly Inaugurates 19th Arab Steel Summit Focused on Future Industry Trends
Prime Minister Mostafa Madbouly opened the 19th Arab Steel Summit and Exhibition, organized by AISU. The event will discuss the future, competitiveness, and sustainability of the Arab steel industry amidst global changes.
Venezuela Overhauls Hydrocarbon Law to Attract Global Energy Investment Amidst Reforms
Venezuela is reforming its hydrocarbon law to attract more international investment in its energy sector, introducing private participation and improved conditions. Despite ongoing sanctions, the country has signed numerous agreements and is seeing significant investment pledges from companies like Chevron and TotalEnergies.
US Strikes on Qeshm Island Push Oil Prices Past $105 Amid Geopolitical Tensions
Oil prices rose on Tuesday after a US strike on Iran's Qeshm Island raised concerns about conflict escalation and disruptions to the Strait of Hormuz. The event coincides with US midterm elections and diplomatic talks with Iran.
Goldman Sachs Boosts Oil Price Forecast Amid Rising Geopolitical Tensions and Supply Disruption Fears
Goldman Sachs has increased its oil price forecasts, projecting Brent crude to hit $105 by December and averaging $88 in 2027, due to rising geopolitical risks and potential supply disruptions from the Middle East.
Adnoc's XRG Secures Australian LNG Stake for $1.5 Billion Amidst Global Energy Market Volatility
Adnoc's international energy investment unit, XRG, is acquiring Shell's stake in Australia's North West Shelf LNG project for $1.5 billion to diversify its portfolio and expand its reach in the Asia-Pacific region.
Bangladesh Garment Workers Protest Starvation Wages Amidst Soaring Costs
Garment workers in Bangladesh are protesting for higher wages, citing that their current earnings are insufficient to cover basic living costs amidst rising inflation. Many workers, like Laili Begum, struggle to afford proper meals and education for their children, while the government has formed a wage board to review their demands.
Saudi Aramco Achieves 34% Profit Surge in Q3 Amidst Infrastructure Attacks
Saudi Aramco reported a 34% increase in third-quarter net income, reaching $36.25 billion, despite facing disruptions and attacks on its energy infrastructure. The company highlighted its system's flexibility in ensuring reliable customer delivery.
Adnoc Gas Secures Major 5-Year LNG Supply Deal with TotalEnergies, Boosting Global Market Presence
Adnoc Gas has signed a five-year deal to supply up to 1.6 million tonnes of LNG to TotalEnergies, expanding its global market share amid rising international demand. The agreement reinforces a long-standing partnership and highlights Adnoc Gas's strategic growth initiatives.
EQT in Talks with UAE and Saudi Arabia for AI and Data Centre Joint Ventures
EQT is in talks with sovereign investors in the UAE and Saudi Arabia to explore joint ventures in artificial intelligence and data centre infrastructure. The firm aims to deploy capital in the region, leveraging the growing AI ambitions and significant investment plans of these Gulf economies.
US Oil Giants Reap $130 Billion Windfall Amidst Soaring Household Energy Costs
US oil companies have amassed over $130 billion in profits amid the war on Iran, while consumers face significantly higher energy bills and living costs. This economic disparity has sparked political debate and concerns about future economic stability.
Abu Dhabi's Adia Partners with Avolon and I Squared Capital to Launch Major Aviation Investment Platform
Abu Dhabi Investment Authority (Adia), alongside Avolon and I Squared Capital, is launching Constellation Aviation, a new platform to invest in aircraft leasing. The venture aims to provide airlines with fleet capacity and investors with exposure to contracted cash flows, starting with a $1.4 billion portfolio.
US Midterms: Could Election Results Spark a Stock Market Surge?
Despite historical trends suggesting a stock market rally following US midterm elections, current economic headwinds like inflation, interest rates, and AI bubble concerns present significant challenges for investors.
Oman and China Forge Deeper Economic Ties with New Trade and Investment Agreements
Oman and China have signed new deals to enhance trade and investment, signaling a deepening of their economic partnership and cooperation across various sectors.
UAE Oil Exports Exceed Pre-Conflict Levels, Minister Assures Global Supply Amidst Hormuz Tensions
The UAE's Minister of Energy and Infrastructure, Suhail Al Mazrouei, announced that UAE oil exports have surpassed pre-conflict levels, highlighting the nation's role as a reliable global supplier despite Hormuz disruptions. The country's efforts, including pipeline expansions, have helped stabilize global energy markets.
Egypt Secures $1 Billion World Bank Deal Amidst Escalating Economic Strain from Regional Conflict
Egypt has secured a $1 billion financing deal with the World Bank as its economy faces mounting pressure from regional conflict, currency devaluation, and rising prices. The agreement is tied to economic reforms, while citizens grapple with increased costs for essential goods.
JP Morgan Expands UAE Footprint with New Wealth Management Hub at DIFC
JP Morgan Private Bank has opened a new wealth management branch at the Dubai International Financial Centre (DIFC), expanding its presence in the UAE and the Middle East. This move highlights Dubai's growing importance as a global hub for private wealth amidst increasing foreign investment in the region.
Al Habtoor Group Divests All Lebanese Assets Amidst Prolonged Instability and Investment Dispute
Al Habtoor Group's board has approved the sale of all its assets and investments in Lebanon due to prolonged instability and an investment dispute, following the cessation of operations. The group aims to reallocate resources to markets offering greater stability and growth.
Energy Security Overhaul Urged as Global Oil Inventories Plummet by Nearly a Billion Barrels
Dr. Sultan Al Jaber highlighted the critical need for an energy security overhaul as nearly a billion barrels have been drained from global oil markets due to shipping disruptions. He called for increased investment in infrastructure and AI, emphasizing that delivery is as crucial as production.
Trump Signals Diplomacy Over Strikes, Oil Prices Dip Sharply
Oil prices dropped more than 3% as U.S. President Donald Trump indicated a preference for diplomatic solutions with Iran over military strikes. This shift eased supply disruption concerns, with Brent crude trading at $110 and WTI at $100.90 a barrel.
Voter Concerns Over Personal Finances Could Sway US Midterm Elections: Trump's Economic Policies Under Scrutiny
Voters are concerned about their personal finances, with rising prices for petrol and groceries impacting their decisions in the upcoming midterm elections. President Donald Trump's economic policies, including tariffs and his handling of inflation, are under scrutiny.
Bhutan Builds 108 Sacred Stupas in a Day for Ambitious 'Mindfulness' City Project
Tens of thousands of volunteers in Bhutan have constructed 108 Buddhist stupas in a single day as part of the development of Gelephu Mindfulness City, an ambitious project aimed at boosting economic growth and retaining young talent. The initiative, supported by the king and international investors, seeks to transform the southern town into a vibrant economic hub.