Browsing Category
Economy
China’s foreigner ban leaves global businesses in limbo
China's coronavirus travel ban is wreaking havoc among foreign companies and international schools, with many fearing for their future as executives, teachers and students are left stranded in their home countries.
A ban on most…
United States Oil Fund receives green light to issue new shares
The United States Oil Fund LP, the largest U.S. oil-focused exchange-traded product, stated on Friday in a regulatory filing that it has gained approval to resume offering new shares.
USO’s registration of 1 billion new shares has been…
$10 trillion spent to combat pandemic, far more needed: IMF
The head of the International Monetary Fund Kristalina Georgieva, said on Thursday, that governments around the world have spent $10 trillion in fiscal actions to respond to the new coronavirus pandemic and its economic fallout, but…
Syria’s Assad dismisses prime minister as economic hardship grows
Syrian President Bashar al Assad on Thursday dismissed prime minister Imad Khamis, after weeks of deepening economic hardship and a rare outbreak of anti-Assad protests in government-held areas.
State media, which reported the news, did…
Ghajar: Lebanon could have had oil tanker seized by Eurobond holders
The Lebanese energy minister Raymond Ghajar said on Thursday, that Lebanon could have recently had an oil tanker seized by Eurobond holders because of its stinging debt crisis and the government was taking steps to avoid such risks in…
UAE economy to contract by 3.6% this year, central bank says
The United Arab Emirates (UAE) economy is likely to contract by 3.6% this year after economic activity slowed because of the coronavirus pandemic, the central bank said on Wednesday.
“As the drop in economic activity is expected to be…
Oil falls below $41
Oil fell more than 1% to below $41 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand because of the coronavirus crisis.
crude stocks rose by…
Egypt’s headline inflation slowed to 4.7% in May
Egypt’s annual urban consumer price inflation slowed to 4.7% in May from 5.9% in April, the official statistics agency CAPMAS said on Wednesday.
CAPMAS data showed, that the May inflation rate dropped as food and beverage costs declined…
Libya’s NOC says output shut down at El Feel oilfield
National Oil Corporation (NOC) said on Wednesday, that production at Libya’s El Feel oilfield has been shut down.
NOC said it was shut down by an armed group.
El Feel oilfield only resumed oil production a couple of days ago after…
Iraq seeks new rules in sharing future OPEC+ cuts
Iraqi Finance Minister Ali Allawi said on Sunday that his country affirmed its commitment to the OPEC+ oil production cut deal but asked the group to take into consideration the members’ economic situation in sharing the burden of future…