Due to a persistent shortage of chips and other essential ingredients, some of the world’s largest tech and automotive businesses have had to reduce their goals for this year. Last year, roughly 540 metric tons of neon were consumed globally, primarily in semiconductor fabrication. Ingas and Cryoin, two Ukrainian enterprises, produce 45% to 54% of […]
According to a report in the UK media, Mukesh Ambani’s Reliance Industries is planning a joint bid for Britain’s well-known retail chain Boots with US buyout company Apollo Global Management. Boots, a major drugstore company in the United Kingdom, has over 2,200 locations and reputedly earns roughly 45 percent of its estimated GBP 6 billion […]
First Abu Dhabi Bank (FAB), the UAE’s largest lender by assets, recorded a net profit of $1.38 billion (AED 5.1 billion) in the three months ending March 31, 2022. The figure is up 54 percent quarter-on-quarter and up 107 percent from a net profit of $680.62 million (AED 2.5 billion) in the same period in […]
According to the World Bank’s newest Commodity Markets Outlook report, the war in Ukraine has thrown a big wrench in commodity markets. It has caused global patterns of trade, production, and consumption to shift in ways that will keep prices at historically high levels until the end of 2024, causing stagflation. It is a condition […]
Gazprom, a Russian energy company, said today that it had cut off gas supplies to Bulgaria and Poland for failing to pay in roubles, the Kremlin’s harshest reprisal yet to international sanctions over the Ukraine crisis. Russian President Vladimir Putin has requested that “unfriendly” countries pay for gas in roubles or face being shut off, […]
Chinese President Xi Jinping stated on Tuesday that China will speed up infrastructure development, including oil and gas pipelines, as well as the development of its green and low-carbon energy base, reported Reuters, quoting Chinese state media, Xinhua News Agency. According to Xi, who was chairing a meeting of the Central Committee for Financial and […]
Energy costs have risen faster than projected, and certain supply chain disruptions caused by the pandemic were expected to last until 2022. The Russian invasion of Ukraine in February shook Middle Eastern and North African stock markets and oil sectors. All these factors pose a particular problem for largely import-dependent countries like the Gulf states […]
On Monday, the Biden administration announced that it will revert to an Obama-era plan that would allow the government to lease up to 52 percent of Alaska’s National Petroleum Reserve for oil and gas exploration. It overturns the Trump administration’s decision to open up 82 percent of the reserve. The action comes after the Bureau […]
According to the latest government data, Japan’s average employment availability ratio improved for the first time in three years in fiscal 2021, owing to the steady economic recovery from the effects of the coronavirus outbreak. The world’s third-largest economy has been battling to recover from the COVID-19 pandemic, with the Ukraine conflict aggravating the troubles. […]
On Monday, Elon Musk reached an agreement to buy Twitter Inc in a multi-billion-dollar cash deal. Musk reportedly met with Twitter’s board of directors over the weekend to discuss his $43 billion (£33.6 billion) buy-out offer. The deal will be handing ownership of the social media network to the world’s richest person. Musk’s strategy targeting […]
After the Indonesian government stated last week that all crude palm oil exports would be banned, a cooking oil crisis sparked by the Russian-Ukrainian war is now roiling both local politics and the global supply chain (CPO). While the export ban was expected to affect worldwide supplies, the cooking oil crisis in Indonesia has taken […]
The Asian Development Bank (ADB) is considering lending a loan to a Maldivian bank, according to Ashok Lavasa, Vice-President for Private Sector Operations and Public-Private Partnerships at ADB. At a World Travel and Tourism Council (WTTC) Global Summit held in Manila, Lavasa told PTI that ADB is planning to target the MSME firms through the […]
Egypt has announced two large commercial agreements to expand the country’s production of green ammonia. In Ain Sokhna, Egypt’s Suez Canal Economic Zone signed a $3 billion deal with a partnership led by EDF Renewables and the Egyptian sovereign wealth fund to produce up to 350,000 tons of green energy for ship fueling. The General […]
Vy Capital and Sequoia Capital led a $675 million fundraising round for Elon Musk’s tunneling business Boring Co. According to a press release issued on Wednesday, the round values the firm at $5.675 billion. The round also included Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth. The Boring Company (TBC) was founded […]
The World Economic Forum (WEF) has selected Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, UAE, as a member of the Young Global Leaders community (YGLs) 2022. Al Olama is one among 16 in the class of 2022 for the Middle East and North African Region. […]
