Browsing: Business

Egypt’s foreign reserves crossed $55 billion for the first time in June, extending six straight months of growth to a new historic high. The post Egypt reserves cross $55 billion for first time in June appeared first on Gulf Daily Report: The Gulf’s daily news, fully reported..

Volkswagen may reduce up to 100,000 jobs worldwide as it reviews 50,000 additional cuts beyond existing German workforce agreements. The post Volkswagen weighs 100,000 job cuts worldwide appeared first on Gulf Daily Report: The Gulf’s daily news, fully reported..

The EU-Mexico interim trade pact clears final EU approval after Parliament’s consent, while Mexico completes its ratification process. The post EU gives final approval to interim Mexico trade agreement appeared first on Gulf Daily Report: The Gulf’s daily news, fully reported..

The United States and Iraq expand economic ties through talks on oil, natural gas, electricity, trade and US business investment plans. The post US Iraq talks focus on oil, power and investment appeared first on Gulf Daily Report: The Gulf’s daily news, fully reported..

US stocks ended lower after oil prices surged and chipmakers sold off, leaving the Nasdaq with the steepest decline among major indexes.

Brent crude jumped 9.6% to $83.30 and WTI rose 9.4% to $78.14 as Gulf shipping disruption drove a broad rally across global oil markets.

Gold prices recovered from a two-week low after a 3% selloff linked to rising oil, inflation pressure and stronger rate hike bets.

Brent crude climbed above $79 while WTI passed $74 as fresh US-Iran attacks coincided with reduced shipping through the Strait of Hormuz.

Burjeel Holdings lists its debut $500 million sukuk in London after a $1.6 billion orderbook, marking its first public debt market issue.

China’s temporary helium export ban took effect immediately, covering customs code 2804290010 with no expiry date announced on July 10.