Author: Steven Sahiounie

Stocks popped on Friday as regional bank shares climbed off their lows and market-darling Apple jumped after posting better-than-expected quarterly earnings. The Dow Jones Industrial Average added 546.64 points, or 1.65%, to close at 33,674.38. The S&P 500 climbed 1.85%, ending the day at 4,136.25. The Nasdaq Composite advanced 2.25% and closed at 12,235.41. Despite Friday’s rally, the Dow and the S&P 500 logged their worst week since March. The 30-stock Dow lost 1.24%, while the S&P 500 dropped 0.8%. The Nasdaq eked out a small weekly gain of 0.07%. Stocks rose even as April’s jobs numbers came in hotter than expected. The U.S. economy added 253,000 jobs…

Demand for the precious metal, which is considered a safe haven in times of financial or political turmoil, has been growing Gold prices have been hovering near record highs this week on renewed investor concerns of a deepening US financial crisis and the possibility of a recession this year. According to JPMorgan strategists, cited by Bloomberg on Friday, the so-called ‘long duration’ trade, which is expressed by being overweight on gold and growth stocks, “seems to have become a consensus” in recent months. “The US banking crisis has increased the demand for gold as a proxy for lower real rates as well…

Pakistan is likely to pay for shipments of crude oil from Russia in Chinese yuan, local media reported on Saturday, citing government sources. The first cargo of 750,000 barrels is expected to dock as soon as in June. An unnamed official from the Ministry of Energy told The News International that the transaction would be facilitated by the Bank of China. The sources haven’t provided details about the mode of payment or the exact discount that Pakistan will receive, saying that making the information public is not in the interest of either buyer or seller. “Russia will provide URAL crude…

The global supply of natural gas will remain tight this year amid a wide range of uncertainties, the International Energy Agency (IEA) warned on Thursday. For now, the pressure on global gas markets has eased, as there was a reduced need for storage withdrawals in Europe and the US due to the mild winter, the IEA wrote in its latest Gas Market Report. In the first quarter of the year, spot prices for liquefied natural gas (LNG), which has served as a replacement for the Russian pipeline gas, fell below the levels seen in the summer of 2021, though they…

The world is at risk of splitting into rival economic blocs, Kristalina Georgieva believes The managing director of the International Monetary Fund (IMF) has warned that the world is on the edge of geo-economic fragmentation, which she believes could add more “cold water” to already anemic global growth. Speaking by video-link at the Brussels Economic Forum on Wednesday, Kristalina Georgieva called for cooperation at a time when growth across the globe is extremely weak by historical standards. “After decades of increasing global integration, there is a growing risk that the world may split into rival economic blocs,” the IMF chief said. “And that’s a…

Ukraine is planning to impose a complete ban on imports from neighboring Moldova, in a tit-for-tat response to restrictions introduced this week by Chisinau on Ukrainian grain. On Saturday, Moldova’s agriculture minister, Vladimir Bolea, said that the nation had joined a month-long EU embargo on some Ukrainian grains, while allowing their transit. Bolea claimed the country’s warehouses are already full and local farmers are under pressure from an influx of Ukrainian grain. “They are worried that they will not have spaces for the new harvest,” he explained. Criticizing the move, Ukrainian Deputy Minister of Economic Development, Trade and Agriculture Taras Kachka said…

The young Palestinian was pronounced a martyr shortly after arriving at a hospital in Afula. An Israeli occupation settler murdered a Palestinian youth on Saturday in Al-Nasirah, a city located within the 1948 occupied territories. Local sources said that the settler shot and killed 20-year-old Palestinian Diyar Omari at the entrance of the “Gan Ner” settlement. Martyr Omari, who is from the town of Sandala, was declared dead due on arrival shortly after arriving at HaEmek Medical Center in Afula. Later, Sandala witnessed a demonstration to protest the martyrdom of the young Palestinian. The Hamas movement mourned Omari in a…

Berlin police had restricted the use of the national symbol near Soviet memorials during WWII Victory Day celebrations A Berlin administrative court has lifted the police ban on the displaying of Ukrainian flags, as well as the playing and singing of Ukrainian military songs near Soviet memorials during World War II Victory Day celebrations on May 8 and 9. Berlin police said on Saturday they would not appeal the decision. The ban on Russian flags remains in place. Police prohibited the display of the flags of both countries on Friday, citing security concerns. The orange-and-black St. George ribbons – a…

The agreement, which allows the safe export of Ukrainian grain though the Black Sea, is set to expire on May 18 Another round of talks aimed at prolonging the Black Sea grain deal has ended in deadlock, Farhan Haq, the deputy spokesperson for UN secretary-general, told the media. Technical personnel from Russia, Türkiye, Ukraine, and the UN met in Istanbul on Friday, ahead of a senior-level meeting scheduled for next week. According to the UN spokesperson, the parties failed to agree on the authorization of new vessels to join the Black Sea shipments. Nevertheless, daily inspection work on the previously…

Algerian President Abdelmadjid Tebboune affirmed that Syria is a founding member of the Arab League, and cannot be deprived of its rights. “We have not changed with respect to Syria, and Syria has not changed for us. What we are doing is based on the fact that Syria is a founding member of the Arab League and cannot be isolated or set aside its rights” Tebboune said during a meeting with representatives of the national press. President Tebboune pointed out that Algeria’s aid to its sister Syria during the earthquake was a donation from the heart that is not subject…