Oil prices plunged by almost 30 per cent on Monday, after OPEC’s failure to strike a deal with Russia regarding production cuts - it's steepest one-day fall since the 1991 Gulf War.
Saudi Arabia's move to raise crude output has impacted global stock markets, with London’s FTSE down 9 per cent. That followed are sharp sell-off in Asia, where Australian share fell 7 per cent.
By 8:45 am GMT, a barrel of Brent crude had recovered to around $36 a barrel - a decline of 20 per cent.
Dubai Free Zones Council reviews efforts to boost investor experience
The Dubai Free Zones Council, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, held its 33rd meeting to discuss key priorities aimed at boosting Dubai’s business environment.
ADFD finances project to enhance water security in Mauritania
Abu Dhabi Fund for Development (ADFD) has contributed to a strategic project that will supply the city of Kiffa and the surrounding region in Mauritania with potable water.
Waymo to update software after power outage snarls self-driving vehicles
Alphabet unit Waymo has announced on Tuesday that it will update software used to operate its self-driving vehicles and improve its emergency response protocols after its robotaxis stalled in parts of San Francisco on Saturday due to a widespread power outage that snarled traffic.
Masdar to develop Southeast Asia’s largest floating solar plant
Abu Dhabi Future Energy Company – Masdar has announced its first project in Malaysia, with the signing of a power purchase agreement (PPA) to develop a 200-megawatt floating solar photovoltaic project at the Chereh Dam in Pahang State.
New York Times reporter sues Google, xAI, OpenAI over chatbot training
An investigative reporter and author has sued Elon Musk's xAI, Anthropic, Google, OpenAI, Meta Platforms and Perplexity on Monday for using copyrighted books without permission to train their artificial intelligence systems.
