On Thursday, on the second and last day of OPEC+ meetings, the top sources suggest it is doubtful that the group would vote soon to continue pumping barrels into the market after August. OPEC+ increased its monthly output target for July and August from 432,000 barrels per day (bpd) to 648,000 bpd at its most recent meeting in early June. An advisory Joint Ministerial Monitoring Committee will meet at 1100 GMT, followed by a full OPEC+ meeting. Commerzbank analyst Carsten Fritsch issued a report stating, “Confirmation of this is likely to be more formality today. What is more importan
On Sunday, India and Bangladesh explored their cooperation in their partnership to develop areas of Artificial intelligence, Cyber Security, startups, and Fintech. They further aim to expand their ties in the railway sector along with cross-border river management and conservation. India’s Foreign Minister S. Jaishankar met with his Bangladeshi counterpart AK Abdul Momen at the 7th Joint Consultative Commission meeting where the decision was taken. Mr. Jaishankar said that the nations are looking forward to working together and taking ties to new domains in AI, cyber security, and sta
In a quest to look for an alternative source of energy, the European Union signed an agreement with Egypt and Israel. The trilateral Memorandum of Understanding was signed on Wednesday with the aim to export natural gas to European nations. The deal was signed in Cairo in the wake of the Russian invasion of Ukraine. It will help reduce the bloc’s energy dependence on Russian supplies and will aim to build infrastructure among the three parties. During a joint briefing, European Commission President Ursula von der Leyen said, “What a special moment, fit for renewable-the energy of th
A report by US online education company Coursera stated that The UAE has been ranked first internationally in terms of the business skills of its workforce The Emirates also scores high and leads in business skills such as entrepreneurship, strategy and operations, leadership and management, and communication, as revealed by the Global Skills Report 2022, which evaluated the skills of over 100 million learners across 102 countries in the past year. With regards to overall skills, the UAE was the top country in the Mena region and 23rd internationally. Coursera said in the report, "The UAE
The defence minister of India Rajnath Singh who is currently in Vietnam signed a Memorandum of Understanding (MoU) on mutual logistics support with his Vietnamese counterpart General Phan Van Giang on Wednesday. The Defence Ministers signed the ‘Joint Vision Statement on India-Vietnam Defence Partnership towards 2030’, which will greatly boost the possibilities and scale of existing defence cooperation, the Defence Ministry said in a statement. It added that this would be a major step to make easy the procedures for logistic support that would benefit both countries, especially n
On Wednesday, Prime Minister Narendra Modi chaired the Indian Cabinet where he approved the proposal for signing a bilateral Memorandum of Understanding with the United Arab Emirates. The agreement will be done on cooperation in the field of industries and advanced technologies. With nearly Rs.1.37 lakh crore investment, UAE became the eighth largest investor in India where India invests around Rs.6.48 lakh crore in UAE. On February 18, both nations signed a bilateral “Comprehensive Economic Partnership Agreement” to potentially increase trade from US$ 60 billion to US$ 100 billion in
American President Joe Biden on Monday will waive tariffs for two years on solar panel imports from Cambodia, Malaysia, Thailand, and Vietnam but not China as the US is looking to augment the manufacturing of domestic clean energy, the White House said. A fact sheet said the US would call on the Act to boost domestic production and use the procurements of the federal government to increase demand. Bloomberg reported that the step has been implemented to boost priorities such as combating climate change and raising the domestic solar manufacturing that has strived hard to compete with cheap
India’s Commerce and Industry Minister Piyush Goyal participated in a virtual meeting on Tuesday with Canada's Minister of International Trade, Export Promotion, Small Business, and Economic Development Mary Ng and both countries have welcomed the progress in negotiations towards the interim trade pact. Ng had visited India in March this year and had decided upon The Early Progress Trade Agreement (EPTA). Canada’s foreign ministry said the two countries “continue to work towards a Comprehensive Economic Partnership Agreement”. The ministers discussed the status of negotiations on i
On Thursday, Prime Minister Narendra Modi will inaugurate a two-day event of the Biotech Start-up Expo 2022 to mark ten years of setting up the Biotechnology Industry Research Assistance Council BIRAC at 10:30 a.m., at the Pragati Maidan, New Delhi. It will be held on the 9th and 10th of June. He will be addressing the gathering at the inaugural event themed ‘Biotech Startup Innovation: Towards Aatmanirbhar Bharat’. Approximately 300 stalls will be set up to showcase the application of biotechnology in various sectors. The stall will include healthcare, biopharma, genomics, agriculture
On Tuesday, Saudi Arabia’s official data for the first quarter showcased a 9.9% growth in the Gross Domestic Product. The data is said to be the fastest in a decade, beating last month's flash estimate of 9.6%. Gross domestic product growth on a seasonally-adjusted basis was 2.6%, while oil activity was up 2.9%. According to the chief economist, Monica Malik at the Abu Dhabi Commercial Bank, this was the fastest increase since the third quarter of 2011. It was majorly due to oil production. Malik said that the nation is in a very strong position due to its limited oil capacity and high o