Oil giant Royal Dutch Shell said on Tuesday it will write down the value of its assets by up to $22 billion in the second quarter, after revising down its long-term outlook for oil and gas prices. It comes after the energy company announced in mid-April an ambition to reduce greenhouse gas emissions to net zero by […] Read more
U.S. stock futures were lower in early morning trade on Friday following the release of the Fed’s latest bank stress-test results and disappointing quarterly numbers out of Nike. Dow Jones Industrial Average futures were down 173 points, while S&P 500 and Nasdaq-100 futures also traded in negative territory. The moves came after the Fed’s annual stress […] Read more
Venezuela’s rival leaders are locked in a legal battle to determine the fate of over $1 billion of gold reserves stored in the vaults of the Bank of England, with a High Court ruling expected over the coming days. The hearing, which began in London on Monday and is expected to last four days, represents an […] Read more
The Bank of England is expected to expand its quantitative easing program on Thursday, but economists do not expect negative interest rates to be implemented this time around. The Bank’s latest monetary policy decision comes as the U.K. economy attempts to recover from an unprecedented 25% contraction across March and April as lockdowns forced by […] Read more
The fiscal deficit for the first three months of 2020 has almost doubled compared with the same period of last year. Total deficit has jumped from LL1.3 trillion to LL2.4 trillion. When expressed in contemporaneous foreign currency exchange rates, the deficit would have widened by 12 percent when calculated in dollars. During the first quarter […] Read more
OPEC has dramatically lowered its forecast for oil demand growth this year, citing China’s coronavirus outbreak as the “major factor” behind its decision. In a closely-watched monthly report published Wednesday, the Middle East-dominated producer group downwardly revised its outlook for global oil demand growth to 0.99 million barrels per day (bpd) in 2020. That’s down […] Read more
In a speech delivered by Crown Prince Mohammed Bin Salman, at the end of the G20 2019 Osaka Summit, HRH welcomed hosting the Riyadh G20/2020 Summit, and touched upon a number of very globally important issues related to the G20 in general, and the Riyadh 2020 Summit in particular. In his Osaka Summit speech, The […] Read more
Cannabis cultivation has been spreading in Lebanon for more than a century, especially in the Bekaa Valley, which has special environmental and soil advantages that allow the production of a high quality Cannabis. Cannabis cultivation in Lebanon has witnessed several stages of development in terms of cultivated area and prevalence of production. This development was […] Read more
An increase in production from the U.S. and OPEC has offset any remaining upside potential for oil prices, according to one analyst, with crude futures on track to register a weekly loss. U.S. oil production surged by almost 600,000 barrels per day (bpd) in August, government data published Thursday showed, hitting a record of 12.4 […] Read more
A high-level committee of Saudi Basic Industry Corporation (Sabic) executives are working on a post-Aramco IPO (initial public offering) strategy, including possible acquisitions, as the kingdom puts the final touches on the critical stock market offering. “I am very optimistic,” Sabic Vice Chairman and CEO, Yousef Al Benyan, told a small roundtable of reporters at […] Read more
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