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Middle East


  • DIARY- Top Economic Events to June 5 Monday, 25 May 2015 | 9:09 PM ET

    TAIPEI- Former Federal Reserve chairman Ben Bernanke speaks on Asian economies- 0830 GMT. TEL AVIV, Israel- Federal Reserve Vice Chair Stanley Fischer speaks on "The Federal Reserve and the Global Economy" before a conference in honor of Professor Haim Ben-Shahar- 1630 GMT. PARIS- ECB Governing Council Member Christian Noyer gives an annual press conference in...

  • DHAKA, May 25- An IT manager at a subsidiary of Coca-Cola Co was one of two men arrested in Bangladesh on suspicion of planning to fight for Islamic State in Syria, police and company sources said on Monday. The pair were detained during a raid in the capital Dhaka on Sunday night, said Sheik Nazmul Alam, a senior official of the police detective branch.

  • CALGARY, Alberta, May 25- Crude oil futures rose on Monday as firm global demand offset a strong dollar, although a holiday in the United States and much of Europe kept trading muted. Front-month Brent crude gained 53 cents to $65.90 a barrel by 1750 GMT, after touching an intraday low of $64.72. The market drew support from figures showing strong demand across Asia...

  • JOHANNESBURG, May 25- South African fast-food restaurant group Famous Brands plans to enter Ghana this year as part of its drive to grow beyond a domestic market held back by high unemployment and sharply rising electricity costs. However the company, which runs Steers, Debonairs Pizza and Wimpy restaurants, said on Monday it was pulling out of India less than...

  • LONDON, May 25- Crude oil futures edged up on Monday as firm global demand vied with a strong dollar, but a public holiday in the United States and much of Europe kept trading muted. Front-month Brent crude gained 6 cents to $65.43 a barrel by 1400 GMT, after touching an intraday low of $64.72. The market drew support from figures showing strong demand across Asia and...

  • UPDATE 4-Oil prices edge down as dollar strengthens Monday, 25 May 2015 | 6:58 AM ET

    LONDON, May 25- Crude oil futures edged lower towards $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping trading muted. Front-month Brent crude shed 17 cents to $65.20 a barrel by 1052 GMT. U.S. crude was down 35 cents at $59.37 a barrel.

  • Will Kurdistan sell oil if Baghdad doesn’t pay? Monday, 25 May 2015 | 6:41 AM ET
    Workers check the valves at the Taq Taq oil field in Arbil, Iraq, in this Aug. 16, 2014 photo.

    Iraq's Kurdistan region will sell its oil independently of Baghdad if the national government does not pay the money it owes, the president of the Kurdistan Regional Government told CNBC.

  • "The United Arab Emirates is seeking to confirm its status as a spacefaring nation," he told a gathering at an event rolling out the federal body in the capital, Abu Dhabi, that featured models of Emirati satellites and waiters serving space-themed canapés, like hummus in metal squeeze tubes. Abu Dhabi's Al Yah Satellite Communications Co., better known as Yahsat,...

  • TEHRAN, Iran— Iran will raise gasoline prices by some 40 percent beginning Tuesday, the country's official news agency reported, the latest cut to the Islamic Republic's fuel subsidies that cost it some $32 billion a year. Iran, an OPEC member, consumes 70 million liters of gasoline daily, with some 10 percent refined and imported from abroad.

  • SINGAPORE, May 25- If you are looking for evidence that China is becoming more assertive in the global economy, then the trading of physical crude oil in Asia is a good example. Chinaoil, the trading arm of state-controlled giant PetroChina, bought a record 55 cargoes in the Middle East crude market in April, beating its previous high of 47 in October last year.

  • LONDON— With its classic red phone booth, pub, and medieval church, Harmondsworth's center looks quintessentially British. Harmondsworth is under threat because London and southeastern England need more airport capacity to meet the growing demands of business travelers and tourists. Heathrow and rival Gatwick, 30 miles south of central London, have offered...

  • Iraq slams US tactics against ISIS   Monday, 25 May 2015 | 1:20 AM ET
    Iraq slams US tactics against ISIS

    Iraq's deputy prime minister Saleh al-Mutlaq, says the U.S. air strikes against ISIS have been "ineffective".

  • Geopolitics vs Iran: Which is a greater risk for oil?

    For oil markets right now, a return of Iranian supply is a bigger worry than geopolitical risks, says Victor Shum, VP at IHS Energy Insight.

  • Despite slowdown, China underpins oil demand: Pro   Sunday, 24 May 2015 | 10:36 PM ET
    Despite slowdown, China underpins oil demand: Pro

    The change from a supply to a demand story in the crude oil market is driven by China, says Alejandro Barbajosa, VP, Crude Middle East & Asia-Pacific at Argus Media.

  • SINGAPORE, May 25- U.S. crude futures rose in early Asian trading on Monday as high demand at the start of the North American driving season pushed up domestic markets, while international benchmarks were supported by firm Asian consumption and Middle East fighting. "Prices could be buoyed this week as markets focus on rising demand and geopolitical tensions... in...

  • KRG President: Proud of Kurdistan's ability to stop ISIS

    CNBC's Hadley Gamble asks Masoud Barzani, President of Kurdistan Regional Government (KRG) of Iraq, how worried he is about the future of Iraq amid ISIS' advance.

  • APEC trade chiefs vow to speed up work in WTO Sunday, 24 May 2015 | 7:32 AM ET

    MANILA, Philippines— Trade ministers from 21 Asia-Pacific countries on Sunday issued strong support to the World Trade Organization's efforts to boost global trade amid a flurry of regional free trade agreements. The FTAAP goal is being pursued as talks for the Trans-Pacific Partnership free trade initiative of 12 countries— including the United States,...

  • UPDATE 1-ECB's Draghi warns divergence a threat to euro Saturday, 23 May 2015 | 12:31 PM ET

    SINTRA, Portugal, May 23- Stark structural differences between countries in the euro zone could unravel the currency union, European Central Bank President Mario Draghi warned on Saturday. Differences in the cultures of the 19 countries in the euro currency bloc, from Cyprus, close to the Middle East, to Ireland or Finland in the north have often extended to the...

  • The Middle East and North Africa have the world's highest rate of youth unemployment, with 29.5 percent, up two percentage point from over a decade ago, according to the International Labor Organization. Citing figures by the International Monetary Fund, he said the gender gap in the Middle East is three times bigger than that in most developing economies.

  • Has poor governance in the Middle East aided ISIS? Friday, 22 May 2015 | 2:58 PM ET
    An Iraqi fighter from the Shiite Muslim Al-Abbas popular mobilization unit monitors from his position near the village of Nukhayb west of Baghdad, on May 19, 2015.

    A senior political figure from the Middle East said that a lack of governance and "violent" policies were partly responsible for the rise of ISIS.