Bloomberg Oil struggled to find direction as traders digested comments made by Federal Reserve Chair Jerome Powell suggesting interest rates will rise, which carries the potential of slowing demand for crude. West Texas Intermediate fluctuated near $92 a barrel. The Federal Reserve Chair signaled the US central bank is likely to keep raising interest rates and leave them elevated …
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Bloomberg Oil falls for the week as lingering concerns over a global economic slowdown overshadowed signs of improving US demand. West Texas Intermediate futures edged higher in a choppy session but not enough to erase steep losses earlier in the week. Traders reported some pre-weekend liquidation with uncertainty around Iran’s supplies as the European Union (EU) and the US …
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Washington / WAM As Latin America and the Caribbean (LAC) continues to deal with the negative impact of the pandemic, the World Bank group (WBG) deployed $20.7 billion to support the region in its just-completed fiscal year ending June 30. These brings the WBG support to LAC since April 1, 2020, to an unprecedented total of $49.8 billion to fight …
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Abu Dhabi / WAM The expected economic growth rate for the Arab countries will rise to 5.4 percent in 2022 due to rising oil prices, the increase in production in Arab oil-exporting countries, and the continuation of reforms that promote growth, according to the Seventeenth Edition of the Arab Economic Outlook Report (AEOR), released by the Arab Monetary Fund (AMF) …
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Abu Dhabi / WAM Alan Smith, CEO of the Agthia group, said that the total value of the acquisitions carried out by the group last year exceeded AED2.3 billion, adding that the group is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia. In an interview with the Emirates News Agency (WAM), Smith said …
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Bloomberg Oil falls as softer economic data from China eased the pressure on crude markets. West Texas Intermediate plunged as much as 5.7% to fall below $87 a barrel, the lowest in more than six months. Oil started the week on the back foot after China announced a surprise cut in key interest rates on the back of weak economic …
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DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco or the company) on Sunday announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income and declaring a dividend of $18.8 billion to be paid in the third quarter. The results set a new quarterly earnings record for the company since …
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DHAHRAN / WAM Saudi Arabian Oil Company (Aramco) signed a memorandum of understanding (MoU) with China Petroleum and Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia. The MoU outlines pathways for strategic cooperation between Aramco and Sinopec and supports the long-term relationship between the two companies and their existing joint ventures in …
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ABU DHABI / WAM The global media and entertainment services sector is seeing a growing dependence on innovation and artificial intelligence (AI). The value of the sector is estimated to grow to $2.4 trillion next year, with a compound annual growth rate (CAGR) of 3.8% since 2015, according to figures from PricewaterhouseCoopers (PwC). The PwC report expects the sector …
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Bloomberg Oil falls for a second-consecutive month as a deteriorating demand outlook offset concerns over tight physical supplies. West Texas Intermediate rises, bringing this week’s gain to around 4%. Futures nevertheless recorded their first back-to-back monthly decline since 2020 as fears of an economic slowdown fueled bearish sentiment across markets. The US economy shrank for a second quarter as rampant …
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