Economy Lebanon’s bonds rally after new president elected Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country’s parliament voted in a new head of state for the first time since 2022. Lebanese lawmakers elected army chief Joseph Aoun as president. It came after 12 failed attempts to pick a president and boosted hopes that the country might finally be able to start addressing […] January 10, 2025
Transport Turkish bidder offers lower fee for Islamabad airport operations A Turkish consortium aims to take over the operations of Pakistan’s Islamabad airport after offering a concession fee below the minimum threshold, Sadiq ur Rehman, the chairman of the bid evaluation committee, has said. The cash-strapped South Asian country is looking to generate revenue by speeding up its privatisation push, including outsourcing the running of three major […] January 3, 2025
Oil & Gas India’s oil major turns to Middle East amid Russian shortfall State-run Indian refiner Bharat Petroleum Corporation (BPCL) is buying Middle Eastern crude to make up for a slowing supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said. Indian state refiners typically buy Russian oil in the spot market rather than under long-term contract, but have struggled to purchase 8 to 10 million […] December 30, 2024
Finance Trump’s crypto team in Abu Dhabi for bitcoin conference Several key staff in President-elect Donald Trump’s new cryptocurrency venture are in Abu Dhabi today for the largest bitcoin gathering in the Gulf region, Bitcoin Mena 2024. Speakers include Trump’s son Eric and billionaire Steve Witkoff, the new White House envoy for the Middle East and co-founder of World Liberty Financial (WLF), a crypto platform […] December 9, 2024
Banking & Finance UK regulator fines Barclays $51m over Qatar deals Britain’s financial regulator has fined Barclays Bank £40 million ($50.9 million) in total for its failure to disclose certain arrangements with Qatari entities in 2008. The fine by the Financial Conduct Authority (FCA) dates back to the height of the 2008-2009 financial crisis, when Barclays scrambled to raise funds from overseas investors including Qatar in […] November 25, 2024
Oil & Gas Oil prices fall as worries over US hurricane decline Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies. Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 04:46 GMT. […] November 8, 2024
Oil & Gas Oil slips as investors digest US election fallout Oil slipped on Thursday, extending a sell-off triggered by the US presidential election, as a strong dollar and lower crude imports in China outweighed supply risks from a Trump presidency and output cuts caused by Hurricane Rafael. Donald Trump’s election win initially triggered a sell-off that pushed oil down more than $2 as the dollar […] November 7, 2024
Sustainability US and EU leaders to skip Cop29 climate summit World leaders from major economies including the United States, the European Union and Brazil are planning to miss this year’s United Nations climate change summit (Cop29) in Baku, Azerbaijan. European Commission president Ursula von der Leyen will not attend the Cop29 climate summit because of political developments in Brussels, a commission spokesperson told Reuters on […] November 6, 2024
Oil & Gas Oil prices fall as Trump wins US election Oil prices fell on Wednesday as the US dollar rallied on Donald Trump’s election as president. Investors believe a Trump presidency will bolster the dollar as interest rates may need to remain high to combat inflation resulting from any new tariffs and polices that may further pressure China’s economy, weakening demand there. Brent crude oil futures were down […] November 6, 2024
Oil & Gas Adnoc has expressed interest in Cyprus gas, minister says United Arab Emirates energy major Abu Dhabi National Oil Co (Adnoc) has expressed interest in Cyprus’ emerging natural gas sector, the country’s energy minister told Reuters on Monday. Major gas discoveries and developments off Egypt and Israel have attracted companies to offshore developments in the eastern Mediterranean in recent years, while state-owned Adnoc sees gas […] November 5, 2024
Oil & Gas Oil trades in tight range ahead of US election result Oil prices traded in a narrow range on Tuesday ahead of what is expected to be an exceptionally close US presidential election, after rising more than 2 percent in the previous session as Opec+ delayed plans to hike production in December. Brent crude futures were up 45 cents, or 0.6 percent, to $75.53 a barrel by 12:26 […] November 5, 2024
Oil & Gas Oil gains 3% after Opec+ delays output hike Oil prices rose about 3% on Monday on a decision by Opec+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the US presidential election. US Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s election day, […] November 4, 2024
Oil & Gas Oil prices gain amid growing Middle East tensions Oil prices extended gains in early Asian trade on Friday, following reports that Iran was preparing a retaliatory strike on Israel from Iraqi territory in the coming days. US West Texas Intermediate crude futures rose $1.24, or 1.8 percent, to $70.50 a barrel by 22:29 GMT after settling up 0.95 percent in the previous session. […] November 1, 2024
Oil & Gas Oil prices stable after boost from US fuel demand Oil prices stabilised on Thursday after rallying the previous day on stronger than expected US fuel demand and reports that producer group Opec+ could delay a planned output increase. Traders are now awaiting the outcome of the US presidential election on November 5 and whether ceasefires can be brokered in the Middle East. The Brent […] October 31, 2024
Oil & Gas Oil rises on Opec+ output increase delay reports Oil prices rose more than 2 percent on Wednesday, after Reuters reported Opec+ could delay a planned oil production increase scheduled to take effect in December by a month or more, due to concerns about soft oil demand and rising supply. Brent crude futures gained $1.41, or 2 percent, to $72.53 a barrel by 12:36 […] October 30, 2024
Transport Houthis target three ships in Red and Arabian Seas Yemen’s Houthis said on Monday that they targeted three ships in the Red Sea and Arabian Sea, attacks they called part of their efforts to enforce a naval blockade on Israel. Houthi military spokesperson Yahya Sarea said in a televised address the vessels were targeted with missiles and drones for attempting to approach ports bound […] October 29, 2024
Energy Oil prices rise on US strategic reserve refill plan Oil prices rose more than 1 percent on Tuesday, reversing some of the previous session’s 6 percent tumble, as a US plan to buy oil for the strategic petroleum reserve (SPR) provided support while investors remained focused on developments in the Middle East. Brent crude futures climbed 94 cents, or 1.32 percent to $72.36 a barrel […] October 29, 2024
Oil & Gas Oil heads for weekly gain but market remains on edge Oil prices were heading for a weekly gain of almost 3 percent as Friday’s prices ticked higher, with traders kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks in the coming days. Brent crude futures rose 76 cents, or 1.02 percent, to $75.14 a barrel by 12:14 GMT. […] October 25, 2024
Oil & Gas Oil prices stable despite Middle East and US uncertainty Oil prices were broadly stable on Thursday as uncertainty around conflict in the Middle East and reports of North Korean troops ready to help Russia in Ukraine kept traders on edge ahead of the US presidential election. Brent crude futures were up 29 cents, or 0.4 percent, at $75.25 a barrel by 11:57 GMT. US […] October 24, 2024
Energy Oil price slips on higher US crude stockpiles Oil prices fell on Wednesday after industry data showed US crude inventories swelled more than expected, though futures were still up about 2 percent this week as traders factored in continuing conflict in the Middle East. Brent crude futures dropped $1.40, or 1.8 percent, to $74.64 a barrel by 11:07 GMT. US West Texas Intermediate crude […] October 23, 2024
Oil & Gas Oil prices up as Blinken flies to Israel for peace talks Oil prices rose to $75 a barrel on Tuesday, extending gains from the previous session as investors weighed the impact of China’s stimulus measures to boost its economy, while concerns over conflict in the Middle East persisted. Brent crude futures for December delivery were up 43 cents, or 0.6 percent, to $74.72 at 13:19 GMT. US West Texas […] October 22, 2024
Oil & Gas Oil prices regain some ground after 7% loss last week Oil prices rose on Monday, recouping some of last week’s more than 7 percent decline on worries about demand in China, the world’s top oil importer, and easing concerns about potential supply disruptions in the Middle East. Brent crude futures were up $1.16, or 1.6 percent, to $74.22 a barrel at 10:36 GMT. US West […] October 21, 2024
