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The Phillips 66 Company’s Los Angeles Refinery in California.Bing Guan | ReutersThe oil price outlook is being hit with more bearish forecasts on the back of U.S. President Donald Trump’s sweeping and market-hammering tariff announcements. Businesses and investors worry that a trade war and lower global growth lies ahead.Goldman Sachs on Thursday reduced its December 2025 forecasts for global and U.S. benchmarks Brent crude and WTI by $5 to $66 and $62 a barrel, respectively, “because the two key downside risks we have flagged are realizing, namely tariff escalation and somewhat higher OPEC+ supply.”The bank also cut its forecasts for…

The governments of Gulf nations are likely to have mixed feelings about a new sport and soft power ranking. Qatar, host of the 2022 World Cup, is the top-ranked Gulf state at No 15, followed by Saudi Arabia at 16 and the UAE at 21, according to Skema Publika’s first annual sports soft power report. The US has secured first place, ahead of the UK in second and France in third.  Skema, an independent think tank affiliated with Skema Business School in Paris, defines soft power as the ability to obtain preferred outcomes by attraction rather than coercion or payment. …

Trump’s “Liberation Day” triggered a selloff in risk assets and sent shockwaves through corporate boardrooms worldwide. The newly instated US tariffs, which come into effect from April 5, will pummel export industries in Europe and Asia and precipitate adverse outcomes in global economic growth, consumer price inflation, cross-border capital flows and emerging market sovereign debt stress metrics. In the Gulf, the reverberations are considerable. The region supplies 16 percent of US aluminium imports, a trade flow now under strain from the new tariffs. But the bigger threat is indirect – through global oil markets and the cost of sovereign borrowing. Brent…

Countries around the world threatened to wage a trade war with the United States as President Donald Trump’s sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world’s biggest consumer market. The penalties announced by Trump on Wednesday triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalization. In Japan, one of United States’ top trading partners, Prime Minister Shigeru Ishiba said that the tariffs had created a “national crisis” as a plunge in banking shares on…

New rules to tackle money laundering Closer scrutiny of exchange shops Permanent bans for non-compliance Tougher anti-money laundering rules in Kuwait have forced more than 100 exchange companies to close, according to local reports. The Central Bank of Kuwait’s new rules, which took effect on April 1, include closer scrutiny and an increase in minimum capital to KWD2 million ($6.6 million). On Tuesday Khalifa Al Ajeel, Kuwait’s commerce and industry minister, toured the district where most of the exchange shops are located – and was surprised to find the bulk of them closed. “Ministry inspectors who accompanied the minister on…

Sweeping tariffs announced on Wednesday by US President Donald Trump pose a significant risk to the global economy at a time when growth has been sluggish, the head of the International Monetary Fund said in a statement on Thursday. IMF Managing Director Kristalina Georgieva said it was important to avoid steps that could further harm the global economy and appealed to the United States and its trading partners to work constructively to reduce tensions, according to Reuters. “We are still assessing the macroeconomic implications of the announced tariff measures, but they clearly represent a significant risk to the global outlook…

Growth in the UAE’s non-oil private sector eased in March, a survey showed on Friday, highlighting a softening in demand momentum in the Gulf region’s most diversified economy. The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI) slipped to 54.0 last month from 55.0 in February, marking the slowest pace of growth since September. New order growth slowed for the third consecutive month, with the new orders index falling to 56.3 in March from 57.3 the previous month, the weakest reading since October. “Some firms could be encountering challenges in meeting their sales targets,” said David Owen, senior economist at…

As global financial markets plunge in the wake of US President Donald Trump’s “Liberation Day” tariffs, Americans must also grapple with the potentially long-lasting impact of the move on household budgets. The tariffs — which are paid in the first instance by US importers — will likely push up the price of many household items in the United States and reduce consumers’ spending power. Grocery store costs The US imports a growing share of the fresh fruits and vegetables consumed each year, according to the US Department of Agriculture (USDA). Many of the fresh goods come from Canada and Mexico,…

The European parliament has approved €4 billion ($4.3 billion) in funding to Egypt to bolster economic resilience in what is the most populous country in the Middle East. The parliament adopted Egypt’s macro-financial assistance with 452 votes in favour, 182 against, and 40 abstentions, it said in a statement.   In March 2024, the EU agreed to a €7.4 billion funding package for Egypt as part of a push to stem migrant flows to Europe. The deal consists of €5 billion in concessionary loans, €1.8 billion in investment and €600 million in grants over the next three years. The latest loan includes a short-term…

UAE accounts for 3% of Indian FDI Bilateral trade has doubled Precious metals caused concern Earlier this week it emerged that Abu Dhabi conglomerate International Holding Company (IHC) and a US institutional investor had between them acquired a minority stake of 6 percent in Haldiram’s, an Indian snack maker, valuing the company at $10 billion. The IHC investment contributes to the UAE’s ranking as the seventh-largest foreign direct investor in India – 3 percent of India’s total FDI.  Meanwhile, India has invested $15 billion in the UAE, accounting for 5 percent of overseas direct investment, according to India’s Press Information…