Main headlines

December 15, 2014

“We have a real problem with growth. There has been a real slowdown in the economy."
04:55 GMT

"It is a strategic threat to the country; not only poverty, but also wage gaps."

The company had been producing around 200,000 barrels a day.
03:26 GMT

Libya's eastern Es Sider oil export port, the country's biggest, has been shut due to fighting nearby between forces representing the country's competing governments.

Dubai’s stock market was the world’s best performing this year until it was caught up in a regional sell off amid tumbling oil prices.
03:16 GMT

The Dubai index wiped off gains registered in 2014, since it fell another 7 per cent for a second straight session.

Going forward, the impact of declining oil prices on Egypt's economy is less clear.
03:05 GMT

Egypt's stock market plunged by 22 billion Egyptian pounds (just over $3 billion) in a single day of trading Sunday as low oil prices dragged down regional economies.

December 14, 2014

"We're putting $550 billion into fossil fuel subsidies," per year, she said. "Use this opportunity to phase them out!", she added.
18:28 GMT

World leaders have a "golden opportunity" with plunging oil prices to put a price on carbon emissions since cheaper fuel makes the move less risky politically, said the International Energy Agency (IEA).

On Wednesday, Naimi shrugged off suggestions that Saudi Arabia might cut production to reverse the deepest price slump in years.
18:17 GMT

Crude oil supplies from Saudi Arabia inched up in November from a month earlier, an industry source said, signalling no change in the kingdom's supply

More than a million claimants have been paid and nearly all the $52.4-billion reparations bill has been met.
05:55 GMT

Iraq is seeking to postpone a final $4.6 billion installment of reparations for its 1990-91 occupation of Kuwait,

Herve Falciani gave prosecutors in France and Spain data on thousands of Swiss bank accounts.
05:55 GMT

Switzerland has charged a former computer analyst at HSBC’s private bank in Geneva with industrial espionage and breaching the country’s secrecy laws.

Corruption has a negative impact on development, creating obstacles to growth and causing particular harm to the poorest.
05:55 GMT

In 19% of cases, civil servants caught accepting bribes were left uninvestigated, with another 41 % of investigations opened but not concluded, according to a World Bank statement issued Friday.

The 1.85 million euro EU-funded project aimed at enhancing Lebanon’s tax collection process both quantitatively and qualitatively.
04:55 GMT

The European Union announced Friday the completion of a project to modernize Lebanon’s tax administration after nearly two years of cooperation between the French and Lebanese Finance departments.

December 12, 2014

Strong economic growth across the region has also led to an increase in demand for human resources professionals
20:06 GMT

Average salaries in the UAE for professional roles rose by just two per cent over the last 12 months.

December 11, 2014

“I am not particularly happy as you can imagine,” Clark said in a telephone interview.
17:05 GMT

The head of Dubai-based airline Emirates has reacted angrily to a suggestion by Airbus that it might stop making its A380 superjumbo airliner.

Saudi Arabia will stop buying domestically-grown wheat in two years' time and rely completely on imports of the grain
16:56 GMT

By investing tens of billions of dollars, the desert nation's output grew through the 1980s until it ironically became one of the world's largest wheat exporters.


Riyadh has said its oil policy is based on economic principles.
16:40 GMT

Iranian President Hassan Rouhani has blamed unnamed countries of plotting to bring down crude prices.

The Ministry of Labor has taken penal action against as many as 707 companies and establishments, which failed to implement a mandatory Wage Protection Program.
16:28 GMT

Abdullah Abu Thunain, deputy minister for inspection and work environment development, said that the punitive measures were taken following raids carried out by inspectors