tag

Oil prices rose by more than one percent on Wednesday, extending gains for the second consecutive day, amid a mix of supply risks linked to sanctions and hopes for progress in US-China trade talks. Brent Crude futures climbed 94 cents, or 1.5%, to $62.26 a barrel, while US West Texas Intermediate (WTI) crude futures rose 92 cents, or 1.6%, to $58.16. Oil rebounded from a five-month low recorded on Monday, driven by increased output from producers and the impact of trade tensions on demand. On Tuesday, the US Department of Energy announced that it is looking to purchase one million barrels of crude oil to refill the Strategic Petroleum Reserve, aiming to take advantage of relatively low oil prices to help replenish stockpiles.

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi met in London with Chair of the International Trade Committee in the United Kingdom Parliament Liam Byrne. At the beginning of the meeting, the Secretary General underscored the important role played by legislative institutions in supporting the paths of economic and trade cooperation between nations. He praised the historical relations between the GCC and the UK and the continuous growth they are witnessing at various levels. They also reviewed the progress made in the free trade agreement (FTA) negotiations between the GCC and the UK, aiming to reach a comprehensive agreement that serves mutual interests and allows for broader horizons of economic and investment integration, thereby enhancing the strategic partnership between the two sides.

Oil prices slipped in early Asian trading on Monday, weighed down by concerns over a potential global supply glut and renewed US-China trade tensions that have heightened fears of slower economic growth and weaker energy demand. Brent Crude futures fell $0.24, or 0.4%, to $61.05 a barrel, while US West Texas Intermediate (WTI) crude dropped $0.21, or 0.4%, to $57.33, erasing gains from the previous session. Both benchmarks declined more than 2% last week, marking a third consecutive weekly loss, following the International Energy Agency's warning of a growing supply surplus expected in 2026. Trade friction between the world's two largest oil consumers intensified after Washington and Beijing imposed additional port fees on vessels carrying goods between them — a tit-for-tat move that analysts say could disrupt global shipping flows and dampen demand for crude.

Gold prices edged higher on Monday, recovering part of last week's steep losses after easing US-China trade tensions spurred investors to shift toward riskier assets. Spot gold rose 0.4% to $4,263.59 per ounce, rebounding after a 1.8% drop on Friday — its largest single-day fall since mid-May. Despite the decline, the metal still notched its best weekly gain since April, having earlier surged to an all-time high of $4,378.69 per ounce. US gold futures for December delivery climbed 1.5% to $4,275.40 per ounce. Spot silver advanced 0.5% to $52.08 per ounce, following a sharp 4.4% drop in the previous session — its biggest intraday loss since early April — after touching a record high of $54.47. Among other precious metals, platinum fell 1.1% to $1,591.55, while palladium slipped 0.5% to $1,467.16 per ounce.

US President Donald Trump affirmed that he is working hard on resolving the Ukrainian crisis, amid the ongoing Russian military operation against Ukraine since February 24, 2022. Trump added, in press statements, that he continues to work on ending the Russian war on Ukraine, saying he is working diligently on this file, ahead of the expected visit of Ukrainian President Volodymyr Zelenskyy to the White House scheduled for Friday. On another note, the US President stated that the United States is in a trade war with China. In response to a question about the possibility of escalating relations with China into a trade war, Trump said, "We're in one now."

Gold prices continued to trade near record highs on Wednesday, as renewed US-China trade tensions prompted investors to seek refuge in the safe-haven metal, while expectations of a potential US interest rate cut further supported bullish sentiment. Spot gold was up 0.4% at $4,155.99 per ounce. US gold futures for December delivery gained 0.3% to $4,174.30. The precious metal, which yields no interest and is widely viewed as a store of value in times of economic and geopolitical uncertainty, reached a record high of $4,179.48 per ounce on Tuesday.

Acting General Manager of Qatar Chamber (QC) Ali Bu Sherbak Al Mansouri, met on Thursday, Oct. 9, at the Chamber's headquarters, with the Non-Resident Ambassador of the Republic of Slovenia to the State of Qatar, Natalia Al Mansour. During the meeting, both sides discussed bilateral relations and ways to enhance cooperation in the trade and economic fields, as well as the role of the Qatari private sector in promoting trade exchange between the two countries. The meeting also touched on the arrangements for holding the Qatar-Slovenia Business Forum in Doha in November, with the participation of a high-level Slovenian delegation, alongside a number of Qatari and Slovenian businesspersons and investors. Al Mansouri affirmed the Chamber's readiness to cooperate with the Slovenian side to further develop trade and investment relations between the two countries. He noted that trade exchange between both countries amounted to about QR 138 million in 2024, highlighting the mutual desire to enhance the role of the private sector in stimulating investments and boosting bilateral trade.

Qatar Chamber's Acting General Manager, Ali Bu Sherbak Al Mansouri, met on Wednesday with Trade and Investment Attaché at the Embassy of the Republic of Sierra Leone to the State of Qatar Jonathan Kamara Bio. The meeting focused on bilateral cooperation between the two countries and ways to enhance collaboration in commercial and economic fields, highlighting the role of the Qatari private sector in promoting trade exchanges. It also discussed preparations for the upcoming Qatari-Sierra Leone Business Forum, scheduled to be held in Doha in January 2026, which will include a high-level delegation from Sierra Leone along with business owners and investors from both sides. Al Mansouri affirmed the Chamber's readiness to work with the Sierra Leonean side to strengthen trade and investment relations, particularly in the agriculture, industry, and engineering sectors.

A top LuLu Group executive has called on Indian companies to shift from “transactional trade” to strategic investment and view Qatar as a launchpad for global markets.Speaking to Gulf Times on the sidelines of the Qatar-India Joint Business Council meeting organised in Doha by Qatar Chamber, Dr Mohamed Althaf, Global Director of LuLu Group International, underscored Qatar’s world-class infrastructure, favourable tax regime, and access to major international trade corridors. He said: “Indian companies should look to Qatar as a springboard for global markets... they should think that this country also offers enormous infrastructure in terms of business, trade, and investments.”Dr Althaf noted that Qatar “has crossed beyond outdated models on commodity exchange” and “the buy and sell type of transaction,” and emphasised that the LNG-rich Gulf state has positioned itself as an investment destination with world-class infrastructure.He pointed to the recent visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani to India, emphasising the reciprocal engagement of major investment houses “as signs of a maturing partnership”. “What we are looking at now is inward investment into Qatar, joint ventures, collaborations, and co-creative businesses,” Dr Althaf stressed.Dr Althaf emphasised that Qatar’s economic platform is well-positioned to support Indian firms in the smart manufacturing and digital transformation sectors, saying: “They have access to global markets and investment houses. India also has tremendous potential in terms of a lot of good startups and technology firms. That will be a very good synergy.”

Malaysia and Pakistan agreed Monday to deepen bilateral cooperation in various fields, including trade, investment, education, halal products, and anti-corruption efforts. Malaysia announced its intention to import USD 200 million worth of halal meat from Pakistan. This came during a press conference held by Pakistani Prime Minister Shehbaz Sharif and his Malaysian counterpart, Anwar Ibrahim, following delegation-level talks in Kuala Lumpur. During his first official visit to Malaysia, the Pakistani Prime Minister reaffirmed his country's commitment to close cooperation with Malaysia and expressed interest in benefiting from its expertise. He highlighted the potential for joint ventures in agriculture, information technology, and vocational training. For his part, the Malaysian Prime Minister described the relationship between Pakistan and Malaysia as strong and deeply rooted, encompassing areas such as education and defense, with continuous expansion in economic cooperation. He pointed out the tremendous potential for deepening cooperation in defense, agriculture, digital technologies, energy, and emerging sectors, and emphasized that Malaysia will work to facilitate meat exports from Pakistan. The Malaysian Prime Minister praised Pakistan's stance on Gaza, noting that Malaysia and Pakistan renewed their call for concrete measures to end the suffering of the Palestinian people.

The 29th joint ministerial meeting between the Gulf Cooperation Council (GCC) and the European Union (EU) kicked off today in Kuwait with the participation of foreign ministers and senior officials from both sides. The meeting will address a number of regional and international topics of common interest, including developments in the Middle East, ways to enhance trade and energy corporation, and efforts to combat climate change. It will also follow up on the implementation of the outcomes of the first GCC-EU summit held in Brussels last year. In this context, Kuwaiti Minister of Foreign Affairs and Chairman of the current session of the GCC Ministerial Council, Abdullah Al-Yahya said in a speech at the launch of the joint ministerial meeting that the convening of the GCC-EU meeting embodies the shared desire to continue building on the solid achievements of cooperation and coordination. He added that regional and international events have proven that common challenges, most notably terrorism, foreign interventions, threats to maritime security, and humanitarian crises, require collective coordination and cooperation to enhance the stability of peoples and support peace and development. He stressed the need to launch joint initiatives that reflect a commitment to collective solutions and international solidarity. He also affirmed the two sides' keenness to enhance cooperation in the areas of regional security, energy security, the green economy, digital transformation, advanced technology, and cultural and educational exchange, to serve the aspirations of their peoples for a more stable and prosperous future. On the Palestinian cause, the Kuwaiti Foreign Minister affirmed that it remains a top priority for the GCC as a matter of right and justice. He condemned the humanitarian tragedies experienced by the Palestinian people in the Gaza Strip due to the siege, destruction, and displacement, calling on the international community to take urgent action to stop the violations and enable the Palestinian people to establish their independent state on the June 4, 1967, borders, with East Jerusalem as its capital. He also commended the efforts made by US President Donald Trump to stop the war in Gaza and the joint initiative adopted by Saudi Arabia and France to hold an international conference to implement the two-state solution. He also welcomed the announcement by a number of friendly European countries of their recognition of the State of Palestine, expressing hope that this recognition would expand in support of a just and comprehensive peace. The Kuwaiti Foreign Minister expressed the country's support for Syria's path toward stability and reconstruction, and for ongoing efforts to strengthen Lebanon's sovereignty and stability. He called on all parties in Yemen, Sudan, Somalia, and Libya to prevail and engage in political dialogue that achieves security, unity, and sovereignty for these countries.

His Excellency Secretary-General of the Ministry of Foreign Affairs Dr. Ahmed bin Hassan Al Hammadi met on Sunday with HE Secretary-General of the Department of Foreign Affairs and Trade of the Republic of Ireland Joe Hackett, who is currently visiting the country. The meeting discussed cooperation relations between the two countries.