Author: Steven Sahiounie

Hedge funds and other money managers sold the equivalent of 33 million barrels in the six most important petroleum-related futures and options contacts Prior to the outbreak of fighting between Hamas and Israel, investors had become less bullish about the outlook for crude oil and fuel prices, amid concerns about whether the strong rally of the previous three months was sustainable. Some of the froth that accumulated in the market seems to have been blown off as benchmark prices neared $100 per barrel and inventories around the NYMEX WTI delivery point at Cushing stopped falling. Hedge funds and other money…

Spot gold jumped nearly 1% to $1,848.15 per ounce by 1021 a.m. EDT (1421 GMT) Gold prices scaled a one-week high on Monday after military conflict between Israeli forces and Palestinian Islamist group Hamas raised political unrest in the Middle East, boosting demand for safe-haven assets. Israel’s troops were battling on Monday to clear out Hamas gunmen more than two days after they burst across the fence from Gaza on a deadly rampage. Spot gold jumped nearly 1% to $1,848.15 per ounce by 1021 a.m. EDT (1421 GMT), having hit its highest since Sept. 29. Prices touched a seven-month low…

His Highness Sheikh Mohammed added that the council’s goal is to protect the UAE’s financial system His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of Presidential Court; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance; and H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister…

Scott predicted a 4.2% growth in non-oil GDP this year Oxford Economics, an independent economic advisory firm, has predicted that the UAE economy will grow by 4.4% in 2024. This growth is being driven by a number of factors, including government initiatives to support economic diversification. In his statement to the Emirates News Agency (WAM), Scott Livermore, Chief Economist, Oxford Economics Middle East, and Managing Director, said that the firm is optimistic about the growth outlook in the UAE. “The government is working hard to support growth and economic diversification in the country through direct support and initiatives that make…

A recent selloff in U.S. Treasuries pushed yields on 10-year notes to a 16-year high, in turn lifting borrowing costs for developing economies The World Bank on Monday said it is looking at ways to expand the guarantees it provides for commercial loans to boost the private financing available to developing countries. Some emerging economies have been unable to tap international markets as global interest rates soar and with uncertainty about when the U.S. Federal Reserve will reach the end of its current tightening cycle. A recent selloff in U.S. Treasuries pushed yields on 10-year notes to a 16-year high,…

The Oct. 9-15 annual meetings in Marrakech are expected to focus heavily on increasing resources for both the IMF and the World Bank MARRAKECH, Morocco – The World Bank on Monday told staff it was gravely concerned about the “shocking escalation” of violence in the Israeli-Palestinian conflict as the fighting cast a pall over the start of the bank’s annual meetings with the International Monetary Fund in Morocco. An internal World Bank memo seen by Reuters cited a “devastating loss of life, destruction and heavy toll on civilians being incurred on both sides,” but voiced support for the lender’s work…

Israel came under missile attack from the Gaza Strip on the morning of October 7 No fewer than 2,506 Israeli citizens were affected by the Hamas attack, Israel’s Health Ministry has said. According to the ministry, 353 of the injured are in serious condition and another 486 suffered moderate injuries. Kan Radio reported earlier that at least 800 Israeli citizens had been killed and another 2,400 injured in the escalating conflict. Source: TASS

42% of the budget is allocated to the development and social benefits sector The UAE government has approved the country’s federal budget for 2024-2026 worth 192 billion dirhams ($52.3 billion), Prime Minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said on Monday. On the social media platform X, formerly known as Twitter, Sheikh Mohammed said 42% of the budget is allocated for the development and social benefits sector, while 39% is allocated for government affairs. The remainder will be deployed to develop the infrastructure, financial and economic assets of the federal government. Source: Zawya

Hind Khoudary, a journalist in Gaza, has described the situation in the enclave as “very dangerous”. “I saw thousands of Palestinian refugees in UNRWA schools without electricity, without water, without food. Everyone was saying that they can’t even afford water, they left their homes after receiving those text messages from the Israeli army that they needed to leave their houses,” she told Al Jazeera. “At the same time, there is no safe space for Palestinians to go, even the UNRWA schools,” Khoudary said, referring to schools run by the United Nations Relief and Works Agency for Palestine Refugees in the…

During a telephone call tonight with the United Nations Secretary-General Antonio Guterres, President Mahmoud Abbas called on the UN to immediately intervene to stop the ongoing Israeli aggression against the Palestinian people, particularly in the Gaza Strip, which is currently under Israeli threats of cutting off its humanitarian needs such as electricity, water, and food; which are rights guaranteed by international law and legitimacy. President Abbas stressed the importance of delivering relief and medical aid to our people in the Gaza Strip, stressing the need for the United Nations to intervene to prevent a humanitarian disaster in the Strip. He…