Tag Archives: Economy

In response to the devastating impact of the coronavirus pandemic on developing countries, the World Bank Group (WBG) deployed more than $157 billion over the last 15 months, the Emirates News Agency (WAM) reported on Tuesday. From April 2020 to the end of June 2021 the WBG sent countries around …

Talks between OPEC and its allies to boost oil production and cool prices were abandoned earlier this month over a dispute that pivoted over how much crude the UAE would be able to pump under a new deal. Saudi Arabia and the United Arab Emirates have reached a compromise deal …

China’s export growth unexpectedly picked up in June, shrugging off the impact of port disruptions in southern China and helping to underpin the economy amid signs the recovery is starting to slow. Export growth accelerated to 32.2 percent in dollar terms in June from a year earlier, the customs administration …

US President Joe Biden does not yet have enough support from fellow Democrats to secure $400 billion in spending for at-home care for the elderly and disabled that the economy desperately needs, Commerce Secretary Gina Raimondo said on Monday. Raimondo, who is paying for round-the-clock care for her own 90-year-old …

Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. Brent crude for September fell 15 cents, or 0.2%, to $75.40 a barrel by 0411 GMT while U.S. West Texas Intermediate …

Head of the Suez Canal Authority, Osama Rabie, says the waterway netted the highest revenues in the history of the canal, hitting $5.84 billion. The Suez Canal netted Egypt a record $5.84 bn in the last tax year, its chief said on Sunday, despite the coronavirus pandemic’s effect on world …

China and Russia have vigorously denounced new sanctions imposed by the United States against dozens of their companies and entities. The US on Friday announced sanctions against 23 Chinese companies and other entities “for their involvement in, or risk of becoming involved in, activities contrary to interests of United States.” …

Eurozone economic sentiment surged in June to a 21-year-high as an accelerated pace of COVID-19 vaccinations led to further reopening and an improved mood across all sectors of the economy, notably in retail and services. The European Commission’s monthly sentiment survey for the 19 countries sharing the euro on Tuesday …

More than a dozen people have sustained injuries as clashes broke out between Lebanese security forces and protesters in the capital Beirut and two major cities against deteriorating economic and living conditions.

The global economy has surpassed its pre-pandemic peak, data survey firm IHS Markit said Monday, as the recovery accelerates thanks to vaccination and the end of pandemic-related restrictions.

Wine tariffs imposed by Beijing doubled or tripled the price of Australian wine and made the Chinese market unviable for exporters. The Australian government said on Saturday it was lodging a formal complaint with the World Trade Organization about China’s imposition of anti-dumping duties on Australian wine exports, escalating further …

Toyota Motor Corp’s shares reached a record high on Wednesday, earning a rare message of thanks from the company’s president at its annual general meeting (AGM). The share price of Japan’s no.1 carmaker exceeded 10,000 yen ($90.84) on Tuesday for the first time, as investors welcomed Toyota’s strong sales, electric …

Americans are becoming more comfortable meeting friends, returning to offices, and attending large events, as per a survey. Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or 0.2 percent, …

Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half. The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair. …

The Central Bank of Iraq confirmed that the dollar exchange rate is stable and will remain unchanged. The Central Bank said in a statement that the price set at the end of 2020 for the dollar exchange rate was based on in-depth studies of the requirements of the economic and …

India will need to spend an additional 800 billion rupees ($11 billion) to provide free vaccine and food to millions of people devastated by a deadly wave of coronavirus infections, Bloomberg News said on Tuesday. The government of the world’s second-most populous nation will earmark an additional 700 billion rupees …

The move, if approved, would make El Salvador the first country in the world to formally accept cryptocurrency as legal money. El Salvador may become the first country to make Bitcoin legal tender after President Nayib Bukele announced he would soon propose a bill that could transform the remittance-dependent economy. …

Group of Seven rich nations will seek to overcome long-standing differences on Saturday and strike a landmark deal to close the net on large companies that they say do not pay enough tax. The proposed accord, which could form the basis of a global pact next month, is aimed at …

Turkey’s lira plunged to fresh record lows against the dollar after President Recep Tayyip Erdoğan said interest rates must be lowered in July or August. Erdoğan, who has sacked three central bank governors in less than three years, says that higher interest rates are inflationary, a view that jars with …

The World Bank says Lebanon’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century. According to a report published by the World Bank on Tuesday, the economic and financial crisis in Lebanon is likely to be among the top 10 or possibly the …