An oil price surge prompted by trouble in the Middle East inevitably conjures up memories of late 1973, when a dramatic rise in the cost of crude ended the long postwar global economic boom. No question, the embargo organised by Opec during the Yom Kippur war was a game changer. The west had got used to oil prices of around $2 a barrel; within weeks it was paying $11 a barrel. Inflation soared, growth slowed, unemployment hit levels not seen since the 1930s. So the attack on two tankers in the strait of Hormuz last week was freighted with history. In 1973, Arab states decided to use oil as an economic weapon in the hope that the west would put pressure on Israel. One explanation for last week’s incidents is that Tehran – faced with crippling US sanctions – has decided that if Donald Trump is going to mess with the Iranian economy then it will mess with the US (and global) economy. Iran denies responsibility, but if this was its thinking the timing was smart. This is … [Read more...] about Is the global economy in for a new oil shock?
NEW DELHI: India on Sunday imposed higher tariffs on 28 items imported from the US, in retaliation to Washington’s recent withdrawal of trade privileges for New Delhi. Related … [Read more...] about From apples to almonds, India hikes tariffs on goods from US
JEDDAH — The sukuk market enjoyed a strong start to the year but it may not last, S&P Global Ratings said Sunday in the "The Sukuk Market Starts 2019 Well, But Activity Might Taper Off," report published on RatingsDirect. … [Read more...] about Saudi Arabian issuers boost sukuk in first 5 months of ’19
SHANGHAI: China’s investigation into FedEx Corp over misdirected mail should not be regarded as retaliation against the US company, state news agency Xinhua said, amid worsening relations between China and US. The inquiry was aimed at sending a message that any economic entity in China should abide by the country’s laws and regulations, it said. “China is willing to share the opportunities in its courier market with foreign investors. Undermining Chinese clients’ legitimate rights and interests, however, is not acceptable,” it said. China launched an investigation into FedEx Corp on Friday over parcels delivered to the wrong address, without giving details about the deliveries in question. The move came after Huawei Technologies Co Ltd complained that the US company had diverted parcels destined for the Chinese tech giant’s addresses in Asia to the US. — Reuters Related … [Read more...] about ‘FedEx probe should not be seen as retaliation’
MUSCAT, JUNE 16 – Souq Al Madina, the upcoming vibrant retail and commercial centre in the heart of Madinat Sultan Qaboos, recently unveiled its brand identity. The development, promoted by WJ Towell Group, promises a unique and traditional shopping experience that captures the magic of traditional Omani souqs, offered along with modern conveniences. The brand identity was unveiled by Ivor Braganza, CEO of Towell Property and Sabah Hassan, General Manager in charge of leasing the development. Related … [Read more...] about Souq Al Madina unveils new brand identity