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Archive: All news

  • Venezuela’s Maduro raises minimum wage, vows to boost oil output

    January 15, 2019 2:41 PM 229

    Mubasher: Venezuela’s President Nicolas Maduro raised the monthly minimum wage by 300% to 18,000 Venezuelan bolivars (VEF), as the economically embattled country’s annual inflation running at 240,000%. The wage hike would take effect this week, after six salary increases last year. Investment from nations such as Russia, China, Turkey and Qatar could

  • US producer prices edge down 0.2% in December

    January 15, 2019 1:41 PM 221

    Mubasher: The seasonally adjusted US producer price index (PPI) for final demand ticked down 0.2% in December 2018, official data released on Tuesday showed. The fall in final demand prices was ascribed to a 0.4% decline in the index measuring the prices for final demand goods last December, the US Bureau of Labor Statistics (BLS) said. In addition

  • UAE airline’s jet damaged in aborted take-off in Egypt

    January 15, 2019 10:30 AM 226

    Dubai — Mubasher: Emirates’ airline flight between Cairo and Dubai was damaged over the previous weekend after being forced to abort take-off due to an unauthorised vehicle on the runway, the Dubai government-owned carrier said in a statement. The incident on flight EK 928, which was operated by one of Emirates’ Boeing 777-300 aircraft, took place on Saturday

  • Kuwait’s crude oil falls $2 pb on Monday

    January 15, 2019 8:22 AM 218

    Mubasher: The price of Kuwait’s crude oil tumbled $2.1 to $58.44 per barrel (pb) on Monday, against $60.54 pb on Friday, according to the Kuwait Petroleum Corporation (KPC). Globally, oil prices slid by more than 1% on Monday, amid concerns of a global economic slowdown after Chinese data showed a retreat in imports and exports. Last December, China’s

  • Trump threatens Turkey with economic devastation

    January 14, 2019 1:39 PM 219

    Mubasher: President Donald Trump warned Turkey that it faces economic devastation if it attacks Kurdish forces in Syria after the US withdrawal. “Starting the long overdue pullout from Syria while hitting the little remaining ISIS territorial caliphate hard, and from many directions,” President Trump said via Twitter on late Sunday, adding that the US “will attack

  • Eurozone industrial output shrinks 1.7% in November, EU28 1.2%

    January 14, 2019 10:53 AM 219

    Mubasher: Industrial production in the Eurozone fell by 1.7% month-on-month in November 2018, official data showed on Monday. In the 28-member European Union (EU28), industrial output declined by 1.2% last November from the previous month, the Eurozone’s statistical office, the Eurostat said. The industrial production ticked up by 0.1% month-on-month

  • Crude oil prices to exceed $60 pb in 2019–minister

    January 14, 2019 9:29 AM 223

    Mubasher: Crude oil prices are likely to average over $60 per barrel (pb) in 2019, Oman’s oil minister predicted. The deal between the Organization of Petroleum Exporting Countries (OPEC) and its allies including Russia and Oman can sustain prices at $60 pb, Mohammed bin Hamad al Rumhi told Bloomberg TV, predicting that crude oil will be traded between

  • MENA boasts half the world’s natural gas reserves

    January 13, 2019 11:20 AM 224

    Mubasher: The Middle East and North Africa (MENA) region has half the world’s reserves of natural gas, but still ranks the sixth in terms of global production, Crescent Petroleum CEO during the Atlantic Council Global Energy Forum 2019 in Abu Dhabi. With the growing international demand for energy, natural gas has been emerging as the optimal choice

  • Bahrain eyes 5% renewable contribution in energy mix by 2025

    January 13, 2019 8:59 AM 210

    Mubasher: Bahrain is seeking to boost the contribution of renewables in its energy mix to 5% by 2025, the electricity and water affairs minister said. The Gulf nation has launched tenders for the construction of a 100 MW solar power plant, Abdulhussain Mirza told the Emirates News Agency (WAM) during Abu Dhabi Sustainability Week. “We have already received

  • Average oil price reaches $70 pb in 2018 – Minister

    January 12, 2019 2:42 PM 232

    Abu Dhabi – Mubasher: The average oil price in 2018 was $70 per barrel (pb), the UAE energy minister Suhail al-Mazrouei said during an industry conference. This price level will boost global oil investment, the minister added. In December, members and non-members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut their production