NEW YORK / WAM In a statement to the UN Security Council’s quarterly open debate on the situation in the Middle East, including the Palestinian Question, the UAE noted recent positive developments to advance peace in the Middle East and to help resume the negotiation process and build confidence between the parties to advance the Middle East Peace Process. The …
Read More »
Bloomberg Oil surged to multiyear highs, spurred by an energy-supply crunch as winter approaches. Global benchmark Brent futures earlier rose above $86 a barrel, reaching the highest intraday level since 2018, as Russia opted to keep a lid on gas flows to Europe. West Texas Intermediate crude neared a seven-year high. A shortage of natural gas is creating extra demand …
Read More »
Bloomberg Cost pressures, supply-chain chaos and a reopening letdown are set to plague Europe’s third-quarter earnings season, setting investors up for more disappointment than elation. While strong numbers from behemoths like LVMH and SAP SE reassured European stock investors last week, further good news may be needed to keep the rally alive. Rising inflation and a stalling global recovery pose …
Read More »
Bloomberg The global energy crisis is bleeding into the oil market. Brent crude surged as high as $85.10 a barrel, a price that would have seemed unthinkable just 18 months ago, when Covid halted global mobility and trashed demand. An underlying recovery in consumption — driven by road-fuel, freight activity, and latterly air travel — is now being fired by …
Read More »NEW YORK / WAM The United Nations has condemned the deadly suicide bombing during Friday prayers at a mosque in the city of Kandahar, in southern Afghanistan, which killed at least 30 people and wounded dozens more. UN Secretary-General António Guterres condemned the attack in the strongest terms, describing it as “despicableâ€, said a statement. “The perpetrators of this latest …
Read More »
Bloomberg An Australian company plans to invest $3 billion in Saudi Arabia in a bet on the metals used in batteries for electric vehicles (EV). EV Metals Group Plc’s spending will be on building plants to process minerals including lithium and nickel, and later expand into exploring for the battery metals, Managing Director and CEO Michael Naylor said. It would …
Read More »
Bloomberg US crude futures topped $80 a barrel for the first time since November 2014 as a global energy crisis boosts demand at a time when Opec+ producers are keeping supplies tight. Futures in New York rise 1.3%, popping above the key, psychological level before pulling back. This week brought many indications that supplies will remain constrained: Saudi Aramco said …
Read More »
Bloomberg US Trade Representative Katherine Tai and Chinese Vice Premier Liu He met virtually to discuss trade issues between the US and China. They agreed “that the two sides would consult on certain outstanding issues,†according to a White House account of the meeting. “In addition, Ambassador Tai emphasized US concerns relating to China’s state-led, non-market policies and practices that …
Read More »
Bloomberg Opec+ agreed to maintain its schedule of gradual monthly production increases, triggering a surge in crude prices. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for November after a short video conference on Monday. Going into the talks, there had been speculation that they could opt for a larger supply increase, but no such proposal was made, delegates said, …
Read More »
Bloomberg Oil rises in tandem with equity markets while traders turned their attention to an upcoming Opec+ meeting that may yield supply increases. Futures in New York rise 1.1%. US benchmark crude posted a sixth straight weekly gain, the longest streak of weekly advances since early July. Buzz continued around whether on Monday Opec will decide to increase output after …
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.