On Thursday, President Joe Biden announced the unprecedented use of U.S. oil stockpiles to “ease the pain” of rising domestic fuel prices after Russia’s war on Ukraine. The measure will pump a million barrels of U.S. government oil per day for six months into the global market. Biden hopes to dampen inflationary shockwaves ripping through [&he...
On Wednesday, an international aid group warned that Afghanistan is on the brink of collapse, as millions face poverty and starvation. The International Rescue Committee said the refusal of the Biden administration and European governments to release Afghanistan’s central bank reserves is depriving its economy of critical funds. It noted that ...
Training programs for four conventional banks on Islamic banking and finance have been conducted in Uzbekistan. The programs were developed by the Islamic Development Bank Institute and the Islamic Corporation for the Development of the Private Sector. The five-day training for each bank included the following subjects: principles of Islamic f...
PARIS (AA) – French Foreign Minister Jean-Yves Le Drian has begun an official tour of Qatar, Oman and Kuwait to discuss Europe’s diversification of energy supplies amid an energy crisis triggered by Russia’s war on Ukraine. On the first leg of the tour, he met with Qatar’s Emir Tamim bin Hamad Al Thani and discussed […]
WASHINGTON – US President Joe Biden has sent a nearly $6 trillion budget proposal to the Congress that includes sweeping spending increases across the federal government, and tax hikes on the richest Americans. Biden’s $5.8 trillion plan to fund the government for the fiscal year that begins in October would cut the federal deficit...
Oman’s Islamic banking sector is likely to maintain its positive trajectory in the short-to-medium term despite structural challenges, Fitch Ratings reports. Increased awareness, strong retail demand for Islamic products, supportive regulations, and a strong push from the Islamic windows of conventional banks will drive growth. Growth in Isl...
U.S. President Joe Biden said he plans to unveil “a 20% minimum tax rate on all American households worth more than $100 million.” The so-called “Billionaire’s Tax” specifically targets roughly 700 of the nation’s wealthiest people. The Washington Post reports that the proposal could be announced as early as Monday as part of the preside...
PARIS (AA) – France held talks Sunday with Saudi Arabia and the United Arab Emirates on diversifying Europe’s energy supplies in order to reduce the continent’s dependence on Russia. Foreign Minister Jean-Yves Le Drian in a phone call with his Saudi and UAE counterparts Faisal bin Farhan Al Saud and Abdullah bin Zayed al-Nahyan str...
TEHRAN, Iran – Iran has dismissed an agreement between Gulf neighbors Saudi Arabia and Kuwait to develop an offshore gas field as “illegal”, saying it must be included as one of the parties. Foreign Ministry spokesman Saeed Khatibzadeh said the Durra/Arash gas field — located in the interlocking marine region between Kuwait and Ira...
BRUSSELS – The EU and US have announced a new deal to supply extra liquefied natural gas for the EU to curb the bloc’s dependence on Russian imports. “The United States together with international partners are going to work to ensure an additional 15 billion cubic meters of liquefied natural gas (LNG) for Europe this […]
