BP quits Russia in up to
US $ 25 B Hit
BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow’s invasion of Ukraine.Rosneft accounts for around half of BP’s oi
Emirates Islamic holds its 46th General Assembly Meeting
Emirates Islamic, one of the leading Islamic financial institutions in the UAE, held its forty-sixth General Assembly Meeting (GAM), virtually, due to ongoing COVID-19 precautions. Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, and Vice Chairman and Managing Director of Emirates NBD present
Stocks sink, Oil surges as Russia attacks Ukraine
Global stocks and U.S. bond yields dived on Thursday, while the dollar, gold and oil prices rocketed higher as Russian forces fired missiles at several Ukrainian cities and landed troops on its south coast. Shortly after President Vladimir Putin said he had authorized what he called a special milita
S&P 500 confirms Correction as Stocks Stumble on War Fears
The S&P 500’s 1% slump confirmed that the world’s most watched stock index was in a correction for the first time since the 2020 Wall Street plunge brought on by the COVID-19 pandemic. U.S. investors sold stocks amid growing fears of war between Russia and Ukraine, paring some losse
UAE Income Tax Is Not on the Table for Now
The United Arab Emirates will not introduce an income tax for the time being, a senior official said, weeks after the Gulf nation unveiled a new company tax as part of an effort to shed its tax haven image. The Gulf country said earlier this year it would impose a 9% corporate tax starting in [&hell
Top 5 Oil Producing Arab Countries for 2021
The top 5 oil producing Arab countries for 2021: 1. Saudi Arabia: 12,402,761,040 Barrels 2. Iraq: 4,443,457,393 Barrels 3. United Arab Emirates: 3,772,788,273 Barrels 4. Kuwait: 2,990,544,137 Barrels 5. Qatar: 1,987,192,978 Barrels Source: Worldometer
Top 10 Countries with Largest Gold Reserves
The top 10 central banks with the largest gold reserves have remained mostly unchanged for the last few years. The United States holds the number one spot with over 8,000 tonnes of gold in its vaults – nearly as much as the next three countries combined.
The US Dollar $ still Dominates Global Reserves
Although the world doesn’t officially have a global currency, the US dollar still represents the closest thing to it. According to COFER (Currency Composition of Official Foreign Exchange Reserves) data disclosed on a quarterly basis by the International Monetary Fund, the US dollar accounted
US Seizes US $ 3.6 B in Stolen Bitcoin from Bitfinex Hack
The U.S. seized about $3.6 billion in Bitcoin stolen during a 2016 hack of the Bitfinex currency exchange and arrested two people, the Justice Department said. Ilya Lichtenstein and his wife, Heather Morgan, were detained Tuesday morning. They’re alleged to have conspired to launder 119,754 Bi
Amazon is more than Doubling its Base Salary Cap to US $ 350 K
Amazon is more than doubling the maximum base salary it pays employees to $350,000 from $160,000. It’s also increasing the compensation ranges of most jobs globally and changing the timing of stock awards to align with promotions. Like many big employers, Amazon has struggled to hire and retain wo