Currency collapse, Lebanon hikes bread price for third time in nine months

Beirut: Lebanese authorities announced late Tuesday a bread price hike, the third in nine months, a move the government blames on a plunge in the value of the local currency. The economy ministry announced that the price of 960 grams of bread would be set at 3,000 Lebanese pounds, up from 2,500 pounds, the state-run […]

Oil swings on Suez Canal blockage after demand-driven sell-off

Dubai: Oil fluctuated after a container ship blocked the Suez Canal and threatened to disrupt crude shipments following a sell-off that’s driven prices to the lowest level since early February. While investors assess the implications on crude flows due to the grounding of the vessel that has blocked traffic, the market is showing signs of […]