News

  Bloomberg Opec Secretary-General Mohammad Barkindo, an oil industry veteran who steered the group through the creation of the Opec+ alliance, has died in his native Nigeria. He was 63. Barkindo was in the final weeks of his six-year tenure as the top diplomat at Organisation of Petroleum Exporting Countries (Opec), where he headed its Vienna-based secretariat. He had returned …

  BEIJING / WAM China’s digital economy logged rapid expansion in recent years, with its scale increasing from 11 trillion yuan ($1.65 trillion) in 2012 to over 45 trillion yuan in 2021, official data showed. According to the state news agency (Xinhua), the proportion of the digital economy in China’s GDP rises from 21.6 percent to 39.8 percent in the …

Bloomberg For all it’s been a tough year for equities, food delivery stocks have had it much worse. Just Eat Takeaway.com NV and Delivery Hero SE are among the 10 biggest losers in the Stoxx 600 Index in 2022, both down more than 60%, and when Deliveroo plc is added, the combined market value losses stand at $30 billion. The …

  Dubai / Gulf Time dnata Representation Services, part of the dnata Travel Group, is growing its partnership with the Banyan Tree Group across Thailand as the country emerges as one of the most popular international travel destinations from the GCC countries this year. dnata Representation Services has acted as exclusive sales representative in the Middle East for the Banyan …

Bloomberg India’s windfall tax on domestic crude oil production and fuel exports may help the government bring in 1 trillion rupees ($12.7 billion) in revenues, Press Trust of India (PTI) reported. The federal government’s latest levies could help it recoup most of the revenues lost from fuel excise duty cuts announced in May this year, according to the news agency, citing …

  Baghdad / WAM The Iraqi Ministry of Oil announced that the revenues achieved during the month of May amounted to more than $11 billion. A statement by the ministry, received by the Iraqi News Agency (INA), stated that “the Ministry of Oil announces the total exports and revenues achieved for the month of May, according to the preliminary statistics …

Bloomberg Oil rallied for a fourth day as a government report showed US stockpiles dropped last week, exacerbating global supply concerns with shipments from Libyan ports suspended. West Texas Intermediate rose as much as 2.4% to trade near $114 a barrel. US crude stockpiles fell 2.76 million barrels last week, according to an Energy Information Administration (EIA) report on Wednesday. …

Bloomberg Group of Seven (G-7) negotiators agreed that discussions on a potential price cap on Russian oil had progressed enough to send the issue to leaders to discuss at their summit in Germany. The negotiators known as sherpas held what one official described as “intense” talks on the matter in the Bavarian Alps before the summit began on Sunday. While …

Bloomberg Oil jumped after a reading on US consumer inflation expectations was revised lower, adding optimism to crude’s demand outlook. West Texas Intermediate traded above $108 a barrel, erasing much of this week’s loss. Friday’s rally comes as the University of Michigan’s final June reading of longer-term consumer inflation expectations settled back from an initially reported 14-year high, potentially reducing …

  Bloomberg At least 1,000 people have been killed and hundreds more injured after a powerful earthquake hit southeastern Afghanistan overnight, setting off a new humanitarian crisis in a country already facing a crumbling economy and hunger. The eastern Paktika province was the worst hit, Sharafuddin Muslim, the deputy state minister for Disaster Management said. The state-run Bakhtar News agency …