ISIS (Islamic State in Iraq and Syria) has begun selling Iraqi crude oil to Syria, against which the Islamic militant group has been fighting to take over the country.
The indications are strong such that mighty Middle East (ME) region also may not sustain cheaper oil prices for long. If oil price continues to hover at $50 per barrel, the majority of Gulf nations will run out of cash in the next five years, according to International Monetary Fund (IMF). There's no exception to Saudi Arabia, the leader of Organization of Petroleum Exporting Countries (Opec), Oman and Bahrain. The oil price drop is expected to pull $350bn out of the ME region this year alone. The current account deficit of Saudi Arabia may touch 20 percent of its GDP this year.
By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.
Deutsche Lufthansa AG invested €3 billion to support its new premium service in the Middle East as it sees potential growth in the region.
The long-haul aircraft requirement of Dubai for positioning itself as a major global hub in the Middle East (ME) Region has been mostly fulfilled by Boeing. Dubai-based Emirates Airlines is banking on Boeing 777 as its top priority and followed by Airbus A380. Emirates Airlines has emerged as the largest airline in the world operating both aircrafts. Emirates Airline has been working on its business strategy to transform Dubai into a global hub in the Region. It aims at becoming an unavoidable destination for passengers from Asia to Europe and the US. This makes the requirement of long-haul aircraft for the Emirates Airlines.
StoreDot, a startup nanotechnology company in Israel, had come up with a battery charger that could fully charge drained phone batteries in a minute. Doron Myersdorf, the co-founder and CEO of StoreDot, and his team introduce a charger that fully loads up phone batteries within 60 seconds.
Kuwait telecom major Zain has decided to invest in technology firms that boost the weakening margins following the sluggish subscriber numbers and drop in revenues. As part of its investment strategy to boost margins, Zain will invest in two digital advertising companies. Zain is also focusing on smart city projects, online advertising, and television services.
With sanction being waived off, Iran's underdeveloped oil and gas sector is now open to global investors. Six global powers- the US, the UK, Germany, Russia, France, and China- have agreed on a deal to lift sanctions on Iran with conditions.
Media reports on Sunday reveal Iran's plans to buy up to 300 units of Boeing and Airbus planes to replace its antiquated fleet by purchasing at least 90 planes annually. An official of Iran's civil aviation agency projected that Iran would need between 400 and 500 planes in the next ten years.
Teva Pharmaceutical Industries has agreed to buy Allergan Plc's generic drugs business for $40.5 billion in a cash and stock deal that will turn the Israeli company into one of the world's largest pharmaceutical firms.
Google-owned online mapping company Waze is launching a carpooling pilot program in Israel where commuters pay fellow drivers a small fee for a ride to and from work.
With a $1 cup of coffee, Avi Katz is starting to do something Israelis have been demanding for years and politicians have failed to achieve -- lower the cost of living.
The family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling.
Russia will begin importing Iranian oil under a long-heralded oil-for-goods barter arrangement in the coming week, Iran's oil minister was quoted as saying, more than a year after negotiations began.
Middle East fund managers have on balance become bearish on the region's biggest stock market, Saudi Arabia, after oil's rally ran out of steam and the kingdom confirmed strict rules on foreign investment, a monthly Reuters survey shows.
Subscribe to VCpost newsletter
- Google launches Star Wars VR experience on Cardboard
- 5 charged in $580M medical kickback scheme
- Evergrande Bought 50% of Great Eastern Life Assurance for Share 3.9 billion yuan to diversify into insurance
- U.S Government Is Putting Huge Effort To Pace Up With The Surging Demand Of Weapons
- Fake Product Reviews Influence The Online Sale: Are The Customers In Arrest Of This Festive Manipulation?
- Morocco to build the world’s largest solar power plant
- Are smartphones the new killing machine? Road accidents caused by not-so-smart phone users
- Blue Origin's rocket returns safely after space flight; Jeff Bezos sees suborbital flights by 2017