Business

IMF's Lagarde Warns Against Trade Tensions Threatening Global Economy

IMF's Lagarde Warns Against Trade Tensions Threatening Global Economy

With US-China frictions hanging over its annual meeting, the International Monetary Fund on Thursday warned governments to avoid harming trade and investment, which have been key drivers of the global economic recovery. IMF chief Christine Lagarde said escalating trade tensions could reverberate

Oil Prices on the Rise as OPEC Meets in Jeddah

Oil Prices on the Rise as OPEC Meets in Jeddah

Oil prices continued to rise on Thursday hitting a new high not seen since 2014 at the time US crude supply decreased, after sources told Reuters that Saudi Arabia looks to push prices higher. Brent crude benchmark touched $74.75 a barrel, its highest since November 27, 2014, the day OPEC decided

Fuel Smuggling Costs Libya Over $700 Million Annually

Fuel smuggling in Libya is costing the north African country more than $750 million annually, said the head of the National Oil Company. NOC president Mustafa Sanalla called on Wednesday a European Union naval mission to combat smugglers by seizing their ships in the Mediterranean, said the Unite

OPEC to Discuss Oil Cuts in June

OPEC to Discuss Oil Cuts in June

Organization of the Petroleum Exporting Countries (OPEC) will discuss the fate of the deal to curb oil production, according to Kuwait’s oil minister Bakhit al-Rashidi, however, OPEC Secretary-General Mohammad Barkindo said that it is still not clear whether the deal will be extended or not. Rash

GCC Federation of Chambers to Discuss Customs Unity

GCC Federation of Chambers to Discuss Customs Unity

Federation of Chambers of the Gulf Cooperation Council (GCC) will discuss next Thursday the completion of customs' unity requirements among the GCC countries, knowing that trade exchange has grown between the Gulf and the world to USD891.5 billion in 2016. Abdul Rahim al-Naqi, Secretary General o

Egypt: Unemployment Rate Falls to 11.8% in 2017

Egypt: Unemployment Rate Falls to 11.8% in 2017

Egypt’s unemployment rate dropped to 11.8 percent in 2017 from 12.5 percent the year before, state statistics agency CAPMAS said on Monday.

Moody's Affirms Saudi Arabia's A1 Ratings, Maintains Stable Outlook

Moody's Affirms Saudi Arabia's A1 Ratings, Maintains Stable Outlook

Moody's Investors Service affirmed the government of Saudi Arabia's long-term issuer and senior unsecured ratings at A1 with a stable outlook. In a recent report about the Saudi economy, Moody’s indicated that the affirmation of Saudi Arabia's A1 ratings is supported by its baseline view that th

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