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.
UAE and Thailand conclude trade deal talks
The UAE and Thailand have concluded negotiations on a Comprehensive Economic Partnership Agreement (CEPA), after non-oil trade between the two countries reached $12.3 billion (AED 45.17 billion) in 2025.
Abu Dhabi unveils major AI training programme for government and public
The Abu Dhabi Government has launched an AI training programme for every government employee as well as the wider public, built with OpenAI, Microsoft and Mohamed bin Zayed University of Artificial Intelligence (MBZUAI).
IMF reaches staff deal with Pakistan, potentially unlocking $1.2 billion
The International Monetary Fund has reached a staff-level agreement with Pakistan on reviews of some of its lending programs, potentially unlocking about $1.21 billion in financing pending board approval, the fund said on Wednesday.
African Union launches continent's first credit rating agency
The African Union launched the continent's first credit rating agency on Wednesday, seeking to provide an alternative to the "big three" global ratings agencies as debt burdens weigh on many African economies.
e& reverts to Etisalat to pay homage to 50 years in business
The UAE telecommunications group e& has reverted its name to Etisalat in an effort to return to its "roots" following its 50th anniversary.
