Day: September 13, 2022

Rocketing energy prices hit as Europe debates gas price cap

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Europe felt the chill of soaring energy prices on Monday, with France saying it could not foot all of the extra costs for consumers, while Britain faces a rising risk of recession. The European Union and Britain are battling to mitigate the shock of what some politicians have dubbed an “energy war” with Russia, which has slashed gas exports to Europe after the West imposed sanctions over its invasion of Ukraine. The European Commission is set to unveil a package of proposed emergency measures on Wednesday for the 27-nation EU,…

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Gulf Markets Ride Righ on Upbeat Oil Prices

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Major Gulf stock markets tracked global equities higher on Monday as risk appetite picked up and investors hoped rising oil prices would continue pumping more dollars into the region. Oil prices were higher for a third consecutive trading day as Iran’s nuclear deal with the West appeared to hit obstacles and an embargo on Russian oil shipments loomed, stoking supply-side worries. Banking shares drove the Abu Dhabi index to a buoyant weekly start with First Abu Dhabi Bank and Abu Dhabi Commercial Bank each gaining more than 1.6%. The 1.4%…

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Saudi Arabia: man arrested after Mecca pilgrimage for Queen

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Saudi authorities have arrested a man who claimed to have travelled to the Muslim holy city of Mecca to perform an umrah pilgrimage on behalf of Queen Elizabeth The man, a Yemeni national, published a video clip of himself on social media on Monday at the Grand Mosque in Mecca, Islam’s holiest site, where non-Muslims are forbidden. In the clip, he held up a banner saying: “Umrah for the soul of Queen Elizabeth II, we ask God to accept her in heaven and among the righteous.” Revealed: jailed Saudi woman…

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Solidarity with Pakistan’s flood victims in the world’s worst climate disaster to date

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WWEA expresses solidarity with the flood victims in Pakistan. The country has been hit by the so far worst single climate disaster. Following extremely heavy monsoon rains, a third of the country is currently under water and more than 30 million people have been directly affected by the floods, many of them lost their homes. WWEA calls on governments and people around the world to support the people of Pakistan in this tragic crisis. Immediate aid is needed to help the country cope with the worst effects of the disaster,…

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Oil crisis feared as 500 tankers stuck in Sindh, Balochistan

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Owners said more than 500 trucks have been left stranded on the roads of the two provinces and the provincial governments have not taken any step to rescue them. The oil supply in the country will be badly affected, if they are not rescued in two days, they warned. All Pakistan Oil Tanker Association Chairman Mir Shams Shahwani said heavy traffic had come to a halt in Sindh, Balochistan and other parts of the country after heavy rains and floods. “Our trucks have been stranded in far-off areas for two…

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