The Government of Dubai will support Emirates with an injection of equity as the airline suffers during the coronavirus crisis, Dubai Crown Prince Sheikh Hamdan bin Mohammed al-Maktoum said in a Tweet on Tuesday.The coronavirus has prompted governmen [Read story...]

Credit ratings agency Moody’s Investors Service placed Oman and Kuwait on review for a downgrade of their respective ratings on Tuesday.Moody’s ratings are an indicator of a country’s ability to repay debt. Both Oman and Kuwait have been hit by [Read story...]

Oil prices firmed on Tuesday after US President Donald Trump and Russian President Vladimir Putin agreed to talks aimed at stabilizing energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide [Read story...]

Global airlines warned on Tuesday that many carriers may not survive a record cash squeeze in the second quarter, as revenues and traffic plunge because of the coronavirus crisis.Fresh quarterly estimates suggest airlines face a $61 billion cash burn [Read story...]

Russian President Vladimir Putin and his US counterpart Donald Trump agreed during a phone call on Monday that the current situation on world oil markets suited neither, the Kremlin said on Tuesday.Trump and Putin agreed during their call to have the [Read story...]

A video chat app which has become popular for people under coronavirus lockdown has denied it allowed users to be hacked and instead offered a $1 million dollar bounty for information about where the accusations came from.Houseparty, which was purcha [Read story...]

Norway’s oil production remains profitable despite the recent plunge in prices and it does not plan to shut output, the country’s Minister of Petroleum and Energy said on Tuesday.The price of North Sea Brent crude fell to its lowest level in 18 y [Read story...]

The Federal Reserve announced a new facility Tuesday that will allow foreign central banks to temporarily swap debt holdings for US dollars.Amid the cash crunch and increased demand for dollars caused by the uncertainty around the coronavirus pandemi [Read story...]

The Turkish economy was healing after a recession when the new coronavirus struck, leaving Ankara scrambling to contain the damage with stimulus measures worth billions and facing demands to do much more.In an outdoor market in Ankara, residents are [Read story...]

The International Monetary Fund said on Tuesday its board approved a new, three-year framework for bilateral borrowing agreements, ensuring that its full $1 trillion lending capacity will be maintained as member countries battle pressures from the co [Read story...]

Dubai’s largest listed developer Emaar Properties has suspended construction of a 77-storey residential tower in the Downtown Dubai area near the world’s tallest tower, the Burj Khalifa, a spokesman said on Tuesday. “In light of the current sit [Read story...]

Saudi Aramco has asked key energy service companies to support the state oil giant’s plans to produce at its maximum oil output capacity of 12 million barrels per day “starting April 1 and for the foreseeable future,” a Saudi oil industry sourc [Read story...]

Kuwait will announce measures later on Tuesday to shore up the economy against the coronavirus pandemic, a government source told Reuters, while the central bank separately asked banks to ease loan repayments for companies affected.Kuwait, which as o [Read story...]

G20 finance ministers and central bank governors agreed to deliver on a joint G20 action plan in response to the coronavirus pandemic, according to a statement.The ministers met virtually on Tuesday following the virtual G20 Leaders’ Summit on Thur [Read story...]

Qatar Airways, one of the top Middle Eastern carriers, said there was a temporary reduction of 40 percent of staff at Hamad International Airport due to the coronavirus pandemic, a company spokesman said.Cuts occurred across various areas including [Read story...]

US President Donald Trump said on Tuesday he would join Saudi Arabia and Russia, if need be, for talks about the sharp fall in oil prices resulting from a price war between the two countries. “The two countries are discussing it and I am joining at [Read story...]

The UAE government has introduced new guidelines for employers to deal with issues resulting from the coronavirus pandemic, relating to salary reductions, layoffs, and bankruptcy.Many people in the UAE, where the workforce is predominantly foreign an [Read story...]

The fallout from the coronavirus pandemic and tumbling oil prices threaten the earnings of insurers in the Gulf, S&P Global Ratings said on Wednesday, possibly leading to negative rating actions.“Most insurers we rate in the GCC region benefit [Read story...]

Abu Dhabi Commercial Bank PJSC (ADCB) hired Lazard Ltd. to advise on its exposure to NMC Health Plc and Finablr Plc, as the companies’ financial troubles mount, people familiar with the matter said.The boutique bank will help recover some of the fu [Read story...]

Saudi Arabia’s crude oil supply rose on Wednesday to more than 12 million barrels per day, two oil industry sources said.A global oil supply cut pact expired on Tuesday, lifting restrictions on output by OPEC members, Russia and other producers.Sau [Read story...]

The world’s biggest maker of medical gloves is grappling with a serious shortage of workers as it tries to meet a huge surge in demand as countries such as the United States run out of personal protective gear due to the coronavirus outbreak.Malays [Read story...]

Whiting Petroleum Corporation, a Denver-based shale oil firm, said it was filing for Chapter 11 bankruptcy due to the “severe downturn in oil and gas prices” attributed to the Saudi-Russia price war and the coronavirus pandemic, according to a st [Read story...]

US and Russian energy officials held rare talks about oil after crude prices crashed to levels last seen about two decades ago, while President Donald Trump said oil that was cheaper “than water” was hurting the industry.Oil prices fell nearly 70 [Read story...]

Storage tanks in the United Arab Emirates’ Fujairah, a key bunkering and oil hub in the Middle East, have reached their full capacity for both crude and oil products, three industry and trading sources told Reuters on Wednesday.Located on the east [Read story...]