Oil markets extend gains as prices end on a monthly high

Abu Dhabi: Oil prices extended their rally for a fifth consecutive weekly high, as oil markets ended the month May on a positive note driven by production cuts and global economies easing their lockdown measures. Brent was trading at $37.84 on Friday’s closing, with West Texas Intermediate (WTI) on $35.49, as the American benchmark recorded […]

Virus-battered Italy faces worst recession since World War II

Milan: Facing its deepest recession since World War II and with business confidence collapsing, the coronavirus pandemic is hitting Italy’s economy hard. Business confidence in the eurozone’s third largest economy in May plummeted to its lowest level since official statistics institute ISTAT started the index in March 2005. The figure is “alarming”, said small business […]

COVID-19 response: UAE Ministry of Finance announces fee reductions

Dubai: The Ministry of Finance (MoF) issued three new decisions for federal entities across the UAE, as part of its remit to revise and reduce federal fees. The new decisions include, cabinet resolution No. (36) of 2020 on registering suppliers in the Federal Supplier Register, Cabinet Resolution No. (37) of 2020 on amending certain provisions […]

Trump postpones G7 summit, seeks to add countries to invitation list

Abroad Airforce One: U.S. President Donald Trump said on Saturday he would postpone a Group of Seven summit he had hoped to hold next month until September or later and expand the list of invitees to include Australia, Russia, South Korea and India. Speaking to reporters on Air Force One during his return to Washington […]