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Lebanon economic deterioration accelerates as fuel subsidy ends
Lebanon’s economic decline is set to gather pace after the central bank said this week it will end a fuel subsidy that has drained its reserves, a move that is likely to affect everything from food to clothes and basic goods.
“The price…
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Oil extends losses as Delta variant slows demand recovery
Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions.…
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President of the General Labor Union: The repercussions of lifting subsidies are catastrophic for…
The head of the General Labor Union, Bechara Al-Asmar, said in an interview with "Sputnik" that the process of lifting subsidies without an alternative plan will have catastrophic repercussions on the entire Lebanese people.
Al-Asmar…
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Oil prices close higher after comments from the Biden administration
Oil prices closed higher on Wednesday, reversing course after the Biden administration said it would not invite US producers to raise their crude production, and that its push to increase OPEC production was a long-term plan.
The market…
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The International Energy Agency aggressively cuts oil demand forecasts for the rest of 2021 due to…
Today, Thursday, the International Energy Agency announced that the oil market may turn into a surplus in 2022 if “OPEC +” continues to stop the cuts and the rest of the producers boost supplies.
The International Energy Agency confirmed…
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Kuwait’s economic makeover under threat as small businesses fight for life
Thousands of small and medium Kuwaiti businesses could go to the wall after being walloped by the pandemic, potentially torpedoing a private sector central to the country’s efforts to remake its unorthodox and oil-pumped economy.
The…
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Lebanese central bank effectively ends fuel subsidy
Lebanon’s central bank said it would offer credit lines for fuel imports based on the market price for the Lebanese pound from Thursday, effectively ending a fuel subsidy that has drained its reserves since the country descended into…
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Bahrain’s Bank ABC acquires 99.5% stake in Egyptian bank
Bahrain’s Bank ABC on Wednesday completed the acquisition of a 99.5 percent stake in Blom Bank Egypt to expand its presence in the Middle East and North Africa (MENA) region.
Bank ABC Egypt and Blom Bank Egypt will continue operating as…
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World Bank’s IFC gives $75m debt financing to Yemeni food group
The International Finance Corporation (IFC) will provide up to $75 million in debt financing to a Yemeni food company as the war-torn country struggles with a growing hunger crisis and aid funding shortage, it said on Tuesday.
The IFC,…
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SAMA launches research support program with cash rewards
The Saudi Central Bank (SAMA) on Tuesday launched the Islamic Finance Research Support Program to promote research in the financial sector.
SAMA said the program aims to enhance the Kingdom’s leading role in the Islamic finance sector…
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