MIDDLE EAST COUNTRIES
Oil prices tick down on worries about Chinese demand
Oil prices decrease slightly due to concerns over China's economic growth and potential U.S. interest rate cuts. Houthi attacks on ships in response to Middle East crisis affect shipping routes. Russian official expects global oil market balance thanks to OPEC+ production agreement.
YES Bank’s $5 billion stake said to attract lenders from the Middle East, Japan
First Abu Dhabi Bank is considering bid for Yes Bank stake. The stake sale has also drawn preliminary interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., although it remains unclear how strong their appetite for a deal is and whether they will proceed, the people said.
India's role in Russia-Ukraine peace process more than important: Austrian Chancellor Karl Nehammer
Austrian Chancellor Karl Nehammer has praised India as an influential and credit-worthy country in the Russia-Ukraine peace process. Nehammer discussed the conflict in Ukraine with Prime Minister Narendra Modi, who arrived after talks with Russian President Vladimir Putin in Moscow. Nehammer emphasized the importance of understanding India's assessment of Russian aggression against Ukraine and the Middle East conflict. Modi expressed that a solution to the Ukraine conflict is not possible on the battlefield and peace efforts fail amid bombs and bullets.
Crude oil prices at two-month highs. What is causing the surge?
Crude oil prices rose 6% in June due to OPEC+ production cuts and US summer fuel demand. WTI, Brent, and MCX futures gained. Geopolitical risks, hurricanes, like Hurricane Beryl, influenced prices. Energy agencies predict slower oil demand growth and surplus amid energy transitions. China's and India's demand are key. Fed rate cut decisions also impact oil markets.
Kalyan Jewellers to enter US market, plans 70 new showrooms globally
In its quarterly update report released today, the company has said that it has reported overall revenue growth of approximately 27% YoY, whereas revenue growth for India operations stood at 29% during Q1 FY2025. Revenue growth from Middle East operations stood at 16% YoY
Iran holds runoff presidential vote pitting hard-line former negotiator against reformist lawmaker
Voters face a choice between the hard-line former nuclear negotiator Saeed Jalili and Masoud Pezeshkian, a heart surgeon and longtime parliament member who has allied himself with moderates and reformists within Iran's Shiite theocracy.
Hezbollah's deputy leader says group would stop fighting with Israel after Gaza cease-fire
Hezbollah's deputy leader, Sheikh Naim Kassem, stated that a full cease-fire in Gaza is crucial for halting hostilities on the Lebanon-Israel border. He emphasized Hezbollah's support role for Hamas and indicated that if Gaza's conflict ceases, their military assistance will also end. Kassem expressed uncertainty about how Hezbollah would respond to partial cease-fires or ongoing military actions in Gaza. The remarks come amid heightened tensions as talks of Gaza cease-fires falter, raising concerns of escalation along the Lebanon-Israel frontier.
US and Europe warn Lebanon's Hezbollah to ease strikes on Israel and back off from wider Mideast war
Mediators from the U.S., Europe, and Arab nations are working to prevent escalating tensions between Israel and Hezbollah in Lebanon from turning into a broader Middle East conflict. Despite ongoing violence and threats from Iran and Israel, efforts are focused on warning Hezbollah against provoking Israel further. The situation has been marked by cross-border attacks and strong rhetoric, with fears that a second front in the region could open, complicating the conflict with Hamas in Gaza. Diplomatic efforts continue, with hopes that a resolution in Gaza could ease tensions along the Israel-Lebanon border.
80% maths teachers in India, Middle East falter on basic mathematical questions: Study
A recent study by Ei, an EdTech company, revealed that nearly 80% of in-service math teachers in India and the Middle East lack basic conceptual understanding in areas such as ratio, proportional reasoning, algebraic reasoning, estimation, and logical reasoning. The study assessed 1,357 teachers from grades 3 to 6 across 152 schools in India, UAE, Oman, and Saudi Arabia over two years. Results showed that 75% of teachers struggled to answer half of the questions correctly, with only 25% able to answer a quarter of the questions accurately.
IMEC will prove to be one of 'biggest game-changers' of 21st century: President Murmu
The IMEC envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the United States and Europe with an aim to ensure integration among Asia, Middle East and West.
Oil prices edge higher as supply risks mount
Oil prices responded to geopolitical tensions and supply disruptions, with concerns over fuel demand dynamics. The market saw gains in Brent and WTI futures amidst heightened uncertainties, while attention remained on the impact of geopolitical conflicts on oil supply. Anticipation of increased gasoline consumption over the July 4th weekend offered some relief amid persisting demand challenges.
Akasa Air to start flying to Abu Dhabi from Jul 11
Akasa Air started international services with flights to Doha in March. It has also announced flights to Jeddah and Riyadh. It also has traffic rights for Kuwait, and Medina.
No matter who wins Iran's presidential election, much may hinge on the 'Great Satan' US
In the waning moments of Iran's final televised presidential debate, one of the top candidates to replace the late hard-line President Ebrahim Raisi invoked the name of the one person who perhaps has done more than anyone to change the trajectory of the Islamic Republic's relationship with the wider world in recent years.
Oil prices slide on fears of slow US demand after surprise inventory build
Oil prices dropped due to rising U.S. stockpiles, affecting market sentiment. Brent crude traded at $84.17, and U.S. West Texas Intermediate at $80.58 per barrel. Escalating conflicts in Gaza, notably in Rafah, contribute to market uncertainties amidst concerns over weakening demand.
Does the future of South Asian cuisine lie in the Middle East?
Food in other South Asian countries has changed since 1947. One of the biggest influences is the Gulf states, where millions from across this region have flocked to work. This has become the place where South Asian cultures and cuisines really connect, meeting Middle Eastern food and coming back here in shawarmas and other foods
Oil prices slip despite OPEC+ production cut extension
Oil prices fell as OPEC+ extended output cuts, impacting Brent and WTI futures. Goldman Sachs analysts view meeting as bearish. Gaza conflict mediators urge Israel-Hamas ceasefire. Israel considers alternative to Iran-backed group.
Palestine: Ireland, Spain and Norway recognize the state as countries push for Israel-Hamas war solution
The leaders of Ireland, Spain, and Norway announced their countries' recognition of Palestine as a state, intending to support a two-state solution and push for peace in the Israeli-Palestinian conflict. Israel's reaction was negative, warning of potential consequences. This move aligns with several European countries considering similar recognition.
Crude oil prices near 2-month lows. What’s next?
The global benchmark, US WTI crude currently clinging below $80 a barrel, has lost more than 10% from a near two-year high tested last month. A similar correction was witnessed in the Asian Brent and the domestic MCX futures as well.
Global debt crisis impacting nearly 95 countries: G20 Sherpa Amitabh Kant
G20 Sherpa Amitabh Kant emphasized the challenges posed by the Russia-Ukraine war and tensions in the Middle East for global stability and economics. He stressed the need for urgent action to pursue inclusive and sustainable growth strategies in the face of a global debt crisis affecting nearly 95 countries, while maintaining focus on achieving the Sustainable Development Goals (SDGs) by 2030.
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