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The United Arab Emirates is slashing its working week to four-and-a-half days and moving its weekend from Fridays and Saturdays to Saturdays and Sundays, in a move aimed at better aligning its economy with global markets. The oil-producing Gulf state, the region''s commercial, trade and tourism hub, currently has a Friday-Saturday weekend. As of Jan. 1, 2022, the new weekend would start on Friday afternoon. The UAE has in the past year taken measures to make its economy more attractive to foreign investment and talent at a time of growing economic rivalry with neighbouring Saudi Arabia. A government statement said the move would ensure smooth financial, trade and economic transactions with countries that follow a Saturday-Sunday weekend, facilitating stronger international business links and opportunities for thousands of UAE-based and multinational companies. Friday is a weekly holiday in many predominantly Muslim countries. The statement said that under the new work week for government entities, Friday working hours would end at 12 noon, ahead of Friday sermons and prayers.

Daily Market Comment Stocks rally, dollar slips as Omicron fears subside, China eases policy Wall Street bounces back as investors shrug off inflation and Omicron concerns US yields also rebound but dollar pressured by improved sentiment Aussie climbs on upbeat RBA, Oil rally lifts loonie, BoE uncertainty caps pounds gains Risk appetite returns as Omicron gloom recedes further Equity markets were in a buoyant mood on Tuesday following a strong rebound on Wall Street yesterday. US stocks staged an [..]

Yemen''s Houthi movement said on Tuesday it fired several ballistic missiles and 25 armed drones into Saudi Arabia, targeting Aramco oil facilities in Jeddah and the defence ministry in Riyadh. The Saudi-led coalition fighting the Houthis in Yemen said late on Monday that one missile had been intercepted over the Saudi capital, where residents reported loud blasts.

Over the last week, things have gone from bad to worse for the Norwegian krone. However, economists at Nordea believe that we are near the top in both

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Aditi Tandon Tribune News Service New Delhi, December 6 Electric vehicle (EV) sale last year was less than 1 per cent compared to that of internal combustion engine vehicles posing massive challenges for the country''s COP21 pledge to reduce the carbon footprint by 33 to 35 per cent by 2030 below 2005 levels. In its report on "Electric and Hybrid Mobility prospects and Challenges in Automobile Industry" tabled in Parliament on Monday, the standing committee on industry expressed concern at the poor uptake of EV sales 2020-21 and asked for urgent midterm course correction to achieve energy transition goals. Engine vehicle sales by volume last year was 1,78,95,224 as against 1,58,575 EVs. This translates into 0.8 per cent EV sales over that of internal combustion engine vehicles. "India, the fifth largest automobile market in the world, is importing crude oil to cover 80 per cent transport fossil fuel needs thereby draining the exchequer and increasing pollution from engine vehicles. The EV ecosystem is still in its nascent stage.

Iraq’s oil minister said on Monday that he expects oil prices to reach over $75. Ihsan Abdul-Jabbar added in a televised interview with state TV, that OPEC is trying to “control the energy market, in a positive way” that maintains the interests of all parties, consumers and producers. Abdul-Jabbar also said that current oil prices […]

The Biden administration’s efforts to lower energy costs takes a step forward Monday, with bids due for the first 32 million barrels of crude planned for release from federal stockpiles.

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New Delhi: Freight rates for mining, cement, and steel have seen some corrections on-month in November as infrastructure-building activities were subdued, ratings agency Crisil said. However, the fall in rates is not significant in comparison with the reduction in duties for diesel. "But this correction is not significantly more than the fall in diesel price in the case of cement. The situation needs to be monitored for the next one-two months," it added. The Centre on November 3 reduced excise duties on petrol and diesel by Rs 5 and Rs 10, respectively. Taking cues from the Centre, some states too followed suit. Notably, since November 3, prices of diesel across the country have been largely steady. On the other hand, freight rates essentials such as ''FMCG/FMCD'' (fast moving consumer goods and fast moving consumer durables) remained relatively "resilient" in November. "After the festive stock-up, freight rates for discretionary goods such as auto carriers and textiles are seeing more pressure compared with other sectors," the agency said.

WTI takes the bids around $67.80, up 2.45% intraday during Mondays Asian session. In doing so, the US oil benchmark reverses the previous days losse

Joe Biden is the kind of man who deliberately would steer his car into a ditch, crawl from the wreckage and then probe the ditch for criminal conduct.

Sopuruchi Onwuka Northern socio-political group, the Arewa Consultative Youth Movement, has chided the some Niger Delta groups for exaggerating the scale of oil spill arising from the unfortunate wellhead bow

Whats a festival of lights without lights? The Jewish holiday of Chanukah is rooted in the story of a lamp that burns for eight nights, so what happens when a power outage renders a Chanukah celebration lightless? And theres not enough oil to fry latkes and donuts? And the stove is electric? Thats the quandary []

while we squabble among ourselves on these silly things, the oil companies are dancing and carting away our oil wealth because we have some dunces for leaders. Wake up people! Take a stand for renegotiation! Your pay increases depend on it! Kaieteur News In light of the increasing criticism of the seven percent across []