Rising crude oil prices are expected to lower oil-rich Gulf nations’ need to sell Islamic bonds, according to Moody’s Investors Service. Higher oil prices will lead to lower sukuk issuance in 2022. Sukuk is the name for interst free bonds. That’s driven largely by lower financing needs among Gulf Cooperation Council countries, according to a...
U.S. biotechnology company Moderna plans to invest more than $500 million in a vaccine and drug manufacturing facility in Kenya. Leaders of the African nation signed a memorandum of understanding with Moderna on Monday in the capital Nairobi. The new facility will help address the problem of vaccine inequity experienced across Africa. Kenyan P...
Russia has become the world’s most sanctioned country due to its war on Ukraine. The international community has imposed 2,778 new sanctions on Moscow in just under two weeks since Russian troops invaded Ukraine. The total number of sanctions increased to 5,532, according to the global sanctions monitoring database Castellum.ai. By comparison,...
An international body fighting money laundering says the United Arab Emirates isn’t doing enough to stop criminals and militants from hiding wealth there. Paris-based Financial Action Task Force on Friday placed UAE on its “gray list” of 23 countries, including Jordan, Syria and Yemen. The Emirates, a federation of seven sheikhdoms on the Arab...
The US is banning all Russian aircraft from using its airspace in response to Moscow’s ongoing war on Ukraine, President Joe Biden announced on Tuesday. Addressing a joint session of Congress for his first State of the Union, Biden described the closure of US airspace as just the latest in a series of measures intended […]
The U.S. and European Union have imposed sweeping new penalties aimed at crippling Russia’s economy. EU sanctions announced Sunday ban the supply of “all goods and technology” linked to aircraft. Switzerland has also enacted penalties on Russia, abandoning its traditional neutrality. Meanwhile, TikTok has blocked Russian-backed outlets, such a...
Asphalt roads in Afghanistan destroyed by explosions due to decades of conflict are being repaired by children. Aged between 7-15, Afghan boys and girls fill pits created by mines and bombings with soil and gravel they collect from the roadside. As their peers enjoy their childhood in other parts of the world, these children have […]
ANKARA (AA) – The US Treasury announced on Monday it has prohibited Americans from doing business with the Russian central bank, Russia’s National Wealth Fund, and the Finance Ministry. The action effectively immobilizes any assets of the Russian central bank held in the US or by US people, the Treasury said in a statement. The […...
Russia’s attack on Ukraine could affect wheat supplies in the Arab world where millions are already struggling to survive. Russia is the world’s top wheat exporter and Ukraine is the fourth, according to the U.S. Department of Agriculture. Any disruption in supplies “could trigger renewed protests and instability” in several Middle Eastern an...
The European Union will close its airspace to Russian planes, fund weapons supplies to Ukraine and ban pro-Kremlin media outlets, the bloc’s top official announced on Sunday. “We are shutting down EU airspace for Russian-owned, Russian-registered or Russian-controlled aircraft,” European Commission President Ursula von der Leyen said at a news...
