Business

COVID-19 made 2020 the worst year on record for air travel, industry statistics have revealed. The aviation industry saw a 60 percent decrease in the number of passengers flying in 2020, according to statistics released by the International Air Transport Association (IATA). Only 1.8 billion passengers flew in the first …

Facebook has been accused by a climate watchdog of spreading “fossil-fuel propaganda” after the oil and gas industry put out thousands of ads on its platforms last year – at key political moments like the US presidential election. In its new report, titled ‘Climate Change and Digital Advertising’, UK-based think …

Oil prices rose on Thursday, supported by tensions in the Middle East, but failed to recoup most of the previous day’s losses after a surprise build in crude stockpiles in the United States, the world’s top oil consumer. Brent crude oil futures rose by 29 cents, or 0.41%, to $70.66 …

Iraq lost $25 billion via non-cash international transactions outside Iraq in 2020, MP Arshad al-Salehi, said on Wednesday. A statement issued by al-Salehi said, “the data disclosed by the Ministry of Planning are shocking. External transfers sought for imports amounted to $40 billion, while the goods delivered are valued at …

The board of governors of the International Monetary Fund on Monday greenlit increasing the institution’s lending capacity by $650 billion, the last step in approving an initiative to boost aid to the most vulnerable countries. “This is a historic decision – the largest SDR (Special Drawing Rights) allocation in the …

Environmentalists and cultural heritage activists have long sought to limit the number of vessels travelling through the Italian city, calling them an eye-sore and pointing out that they could cause pollution and erosion. The law — which will see only small passenger ferries and freight vessels enter the lagoon city’s …

Pfizer Inc and Moderna Inc have raised the prices of their COVID-19 vaccine in the latest European Union supply contracts, The Financial Times reported on Sunday. The new price for the Pfizer shot was 19.50 euros ($23.15) against 15.50 euros previously, the newspaper said citing the portions of the contracts …

Oil prices rise with growing demand faster than  the supply. Brent crude oil futures of September delivery,climbed 28 cents, or 0.4 percent, to set the settlement price at $76.33 per barrel. While October Brent crude oil futures closed up 31 cents at $75.41 per barrel. The West Texas Intermediate Crude …

The much-politicized Nord Stream 2 undersea gas pipeline from Russia to Germany is 99% complete, the pipeline operator said, after the pipelay vessel Akademik Cherskiy finished its initially planned workload. The $11 billion Nord Stream 2, designed to bypass Russia’s political foe Ukraine and double the capacity of the existing …

Bitcoin’s price jumped 7.2% on Wednesday after cryptocurrency exchange platform Binance announced it will further cap withdrawals and leverage. The world’s most popular cryptocurrency was trading at around $39,870 at 10:00am GMT, regaining momentum after Tuesday’s losses. Number-two crypto ethereum was also trading around 4% higher. This comes after the …

Oil prices were little changed on Monday as investors balanced concerns about fuel demand from the spread of Covid-19 variants and floods in China against expectations of tight supplies through the rest of the year. Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT …

Only second to Russia, Iraq is among the top gas flaring countries in the entire world, the World Bank’s (WB) Gas flaring tracker report said. In the 2020 Gas flaring tracker report, the WB said that Iraq burns 70% of the total natural gas produced in the country, which was …

Angela Merkel and Vladimir Putin are “satisfied” with the near completion of the Nord Stream 2 gas pipeline, the Kremlin has said after the two leaders spoke on the phone. The Chancellor discussed the project with the Russian President today, as the publication of a joint agreement between Germany and …

In response to the devastating impact of the coronavirus pandemic on developing countries, the World Bank Group (WBG) deployed more than $157 billion over the last 15 months, the Emirates News Agency (WAM) reported on Tuesday. From April 2020 to the end of June 2021 the WBG sent countries around …

Britain’s highest court was this week set to consider who the UK government recognizes as president in economically crippled Venezuela in a case that could determine the fate of gold worth $1.0 billion. A UK legal battle lasting more than a year has ended up at the Supreme Court in …

Global electricity demand is growing faster than renewable energy capacity can be rolled out and will require more power to be generated from the burning of fossil fuels, the International Energy Agency (IEA) said in a report on Thursday, according to Reuters. After falling by about 1% in 2020 when …

The Ministry of Oil confirmed the agreement of the OPEC + group to gradually increase by adding 400,000 barrels per day. The ministry said in a statement received by Alghadeertv: “Minister Ihsan Abdul-Jabbar attended the meeting, which emphasized the strengthening of collective cooperation, praising the countries’ compliance with the agreement, …

OPEC+ ministers are meeting on Sunday in another attempt to agree a quick oil supply boost to address soaring prices as the global economy recovers from the coronavirus pandemic. An attempt earlier this month by the group, which includes OPEC countries and allies like Russia, to agree on a new …

Oil prices sink by more than $1 a barrel on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand, Reuters reported. Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. U.S. West …

Talks between OPEC and its allies to boost oil production and cool prices were abandoned earlier this month over a dispute that pivoted over how much crude the UAE would be able to pump under a new deal. Saudi Arabia and the United Arab Emirates have reached a compromise deal …