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Global energy demand to grow by over 25 pct by 2040

Global energy demand is predicted to grow by more than a quarter between 2017 and 2040, according to the International Energy Agency's (IEA) World Energy Outlook 2018 on Tuesday. The IEA's report showed that population growth with an extra 1.7 billion people mostly in the urban areas of...

Saudi says to cut oil output as producers discuss price dip

Saudi Arabia, the world's top crude exporter, said Sunday it will cut oil output from next month, as major producers held a key meeting to discuss shoring up sliding prices. Saudi Energy Minister Khalid al-Falih announced the kingdom was cutting its supplies by 500,000 barrels per day from...

Australia central bank lifts economic growth forecast

Australia's central bank on Thursday said the economy was "performing well" and lifted its growth outlook while keeping interest rates at a record low but warned there were concerns about global trade. The announcement comes as worries also begin to emerge about the country's once...

Air France-KLM gets boost from employee accord

Air France-KLM, hit badly earlier this year by strikes and management upheaval, reported Wednesday its third quarter net profit jumped nearly 23 percent year-on-year to 786 million euros ($900 million). Ben Smith, who took over the reins in September, said the airline could look forward...

Airbus says Q3 net profit more than triples to 957 mn euros

European aerospace giant Airbus reported Wednesday a third quarter net profit of 957 million euros ($1.1 billion), more than triple the 2017 performance. The company, which rivals Boeing of the US, said it was maintaining its forecast for deliveries of 800 commercial aircraft this year...

Under the radar: Iran’s oil exports harder to track as sanctions loom

According to Saudi Energy Minister Khalid al-Falih, no one has any idea how much oil Iran will be able to export after new U.S. sanctions against the Islamic Republic kick in on Nov. 4. But more precisely, Iran’s shipment figures crucial to oil markets are already a mystery. Iran’s...

HSBC profits up 28% at $5.9 bn in third quarter

Banking giant HSBC said on Monday that pre-tax profit rose 28 percent to $5.92 billion in the third quarter, boosted by "strong revenue growth" in its main global businesses. Adjusted pre-tax profit rose 16 percent year-on-year to $6.2 billion, reflecting revenue growth that was partly...

Foreigners sold net $624 mln of Saudi stocks in week to Oct. 25

Foreigners sold a net 2.34 billion riyals ($624 million) in the Saudi stock market in the week ending Oct. 25, but the bourse was supported by local institutions which bought 8.06 billion riyals worth of stocks, stock exchange data showed. The foreign selling slowed from a record 4.01...

Syria seeks to revive trade via Jordan

By reopening a key crossing with Jordan this month, the Syrian regime is inching toward a return to trade with the wider region as it looks to boost its war-ravaged economy. The government of President Bashar Assad took back control of the Nassib border post in July from rebels as part of a...

As Jordan celebrates Syria's cheap veg, activist says it saturated by Syrians blood

(Zaman Al Wasl)- A Facebook ' post ' by Syrian activist Fidaa al-Zaatri was virally surfaced on Jordan's social media that celebrated the reopening the strategic Nassib border crossing where Jordanians said everything is very cheap in comparison to their currency. Al-Zaatri said...

German banks report sharp fall in Iran exports amid new US sanctions

German exports to Iran have dwindled since the United States pulled out of the international nuclear deal with Tehran, data showed Friday, despite Berlin's attempts to shield companies from renewed U.S. sanctions against Tehran. Data from the Association of German Banks (BdB) showed...

Volvo lorry sales keep on truckin' in US

With the US economy continuing to fire on all pistons sales by Swedish lorry maker Volvo Group rose by nearly a third in North America in the latest quarter. With overall sales up by a fifth, Volvo Group's net profit leapt by 38.6 percent to 7.46 billion kronor (720 million euros, $825...

Vietnam to ratify Pacific trade pact next month

Vietnam said Thursday it will ratify a sprawling Pacific trade pact that US President Donald Trump pulled out of last year, calling the deal a "disgrace" for American jobs. The 11 remaining countries agreed to push ahead with a watered-down version without the world's largest economy,...

Microsoft co-founder dies at 65

Microsoft Corporation co-founder Paul Allen died Monday at age 65, according to a statement released by one of his companies. Vulcan Inc. said Allen passed away in Seattle, Washington due to complications of non-Hodgkin’s lymphoma, a type of cancer affecting the immune system. “It is...

Saudi stocks dive 7.0 percent, wiping out 2018 gains

Saudi stocks dived 7.0 percent in early trading on Sunday as the oil-rich kingdom comes under increasing international pressure over the disappearance of journalist Jamal Khashoggi. The Tadawul All-Shares Index (TASI) quickly lost more than 500 points on the first trading day of the...

War reduces Syria’s wheat crop to smallest in 30 years

Syria’s wheat crop this year was the smallest in three decades as war and drought cut production by around 30 percent, the United Nations Food and Agriculture Organization said Tuesday. Output of 1.2 million tons in 2018 was the lowest since 1989 and compared with a pre-crisis average...

Qatar to buy fuel for Gaza's only power plant: UN official

A top United Nations official said Tuesday that Qatar is buying fuel to restart the only power plant in the beleaguered Gaza Strip. Jamie McGoldrick, the U.N.'s resident humanitarian coordinator, said this will add a few more hours of electricity for Gaza's 2 million residents, who...

Foreign investment in Egypt falls, pain ahead

Foreign direct investment in Egypt’s nonoil economy fell in the second quarter to its lowest levels since just after an IMF-backed austerity plan began nearly two years ago, a sign that more pain may lie ahead before Egyptians begin reaping benefits. Egypt is counting on new private-sector...