A judge on Friday ordered Volkswagen to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests.
Saudi Arabia’s Energy Minister Khalid al-Falih says an agreement between world’s biggest oil producers to cut their production may have to be extended to ensure maximum results.
The Organization of the Petroleum Exporting Countries (OPEC) expects price recovery for oil market after output cuts.
Saudi Arabia's Energy Minister Khalid al-Falih has kicked off a massive multi-billion-dollar plan which is expected to increase the kingdom’s production of electricity from renewable sources by 10 percent within the next few years.
Saudi Arabia has reportedly canceled or restructured economic and infrastructure projects worth billions of dollars.
The World Trade Organization says it expects global trade would recover slightly in 2017 despite political and economic uncertainties.
Member states of the Organization of the Petroleum Exporting Countries (OPEC) cut their oil output in March more than the arranged figures.
Germany’s largest crude oil and natural gas producer has called for removing EU sanctions imposed on Russia over the eastern Ukraine crisis.
Oil prices hit a one-month high after the United States fired missiles at a Syrian airbase.
Qatar Petroleum CEO and President Saad Sherida al-Kaabi says Doha plans to increase production from a massive underwater gas field it shares with Iran in the Persian Gulf.
Concerns are rising over the health of Brazilian animal products exported to global consumption markets as a result of a tainted meat scandal involving certain key producers.
The Asian Infrastructure Investment Bank (AIIB) says it has approved 13 new applications to join it bringing the total membership of the bank which was initiated by China to 70.
Russia says it has devised an alternative to SWIFT global interbank money transfer service.
Riyadh struggles with a slumping oil market and a desperate need to diversify its economy, prompting King Salman to embark on a lavish tour of Asia.
Volkswagen has adopted a new strategy to increase its shares in the Indian market.
Russia says it has fulfilled its commitment under a deal reached with OPEC in December.
Fitch Ratings predicts global oil prices are to collapse in the current year.
France’s PSA Peugeot Citroen is on its way to becoming Europe’s second largest automaker after Germany’s Volkswagen with the purchase of Opel-Vauxhall.
New official figures confirm US sluggish growth in 2016.
Unknown sources say Saudi Arabia expects crude prices to rise to $60 per barrel.
In a letter, US companies urge Congressmen to push tax code rewrite
Uncertainty over Brexit and US president economic policies have arisen concerns of HSBC.
More weapons were sold across the globe between 2012 and 2016 than any other five-year period since 1990, according to Sipri.
China has decided to stop imports of coal of North Korea.
German chancellor says euro is suffering from a problem due to European Central Bank policies.
According to new data, the US has recorded its largest monthly gain in January in more than four years.
Elstat says Greece economy shrank in the fourth quarter of last year.
A recent survey shows that German investor confidence fell sharply in February, what analysts say reflects fears for Europe's largest economy at a time of global political uncertainty.
A leading credit ratings agency has warned that Donald Trump’s presidency threatens the global economy.
Greece prime minister urges IMF to revise its forecast and find a solution for the country's debt crisis.
The sale of the world’s biggest oil company is the latest of several moves by the Saudi government to generate revenues in the face of a gaping budget deficit.
Experts warn about the growing risk of a trade war between world's two largest economies.
A new report says the US trade deficit in 2016 reached the highest level since 2012.
PwC says the US will no longer be the worlds' largest economy by 2050.
Figures show that Germany’s industrial production dropped by 3.0 percent in the last month of 2016.
China has become the world’s biggest producer of solar energy by installing projects that are already generating 77.42 gigawatts of electricity.
The government of Turkish President Recep Tayyip Erdogan says it has started a plan to move billions of dollars in state assets to a sovereign wealth fund to finance a series of ambitious infrastructure projects.
A new report says UK is heading for a sharp increase in inflation.
According to BMI Research, the opening of Iran’s market might provide some relief to the less-supportive economic environment in GCC countries.
Australia is seeking to save TPP after the US decided to exit the deal.
Turkish central bank's move to raise interest rate has filed to boost ailing lira.
Salim Al-Aufi, an undersecretary at Oman’s Ministry of Oil and Gas says the Sultanate expects oil prices to reach $60-$70 a barrel by the end of the year.
The state-run Kuwait News Agency says the leak happened at the al-Maqwa field but offered no details about how many barrels of oil had been spilled.
Oil producing countries say a deal with OPEC to cut oil output starts strong.
Russia is not a member of OPEC but has agreed to reduce its output by a maximum of 300,000 barrels per day.
OPEC's new monthly report showed the total output fell by 221,000 barrels per day (bpd) to 33.1 million bpd from November.
A new UN report says sluggish world growth threatens to disrupt UN's plan to end poverty.
General Motors joins other companies including Ford to announce plans to create jobs in the US.
President Xi tells the World Economic Forum that blaming the world's problems on economic globalization is counterproductive.
According to the US Justice Department, the car parts maker has already pleaded guilty to a single criminal charge.
Turkey’s President Recep Tayyip Erdogan says the recent plunge in the value of the lira is a result of a conspiracy to weaken the country.
Saudi Arabia’s Energy Minister Khalid al-Falih says the kingdom has reduced its oil production to less than 10 million barrels a day – the lowest level in two years.
Gold has hit highest level since December 5 amid concerns over weaker dollar and Brexit.
A new report warns about consequences of US-China trade tensions for global economy.
Turkey's central bank has adopted new measures to stop lira further falling.
China’s foreign exchange reserves dropped by $320 billion in 2016 with Chinese authorities seeking to support the yuan against a soaring dollar.
US automaker will cancel a planned factory in Mexico under harsh criticism from President-elect Donald Trump.
Kazakhstan has lifted visa requirements for many countries to boos tourism.
Most of the European and Asian stock markets have risen in the early days of 2017.
Official data show that Japans' consumer prices fell for 9th straight month in November.
Russia’s fourth largest oil producer has decided to decrease planned oil production for 2017.
Britain could be forced to pay former EU workers over 62 billion dollars in pensions as soon as Prime Minister Theresa May begins the official two-year Brexit negotiation process.
Crude prices have edged up ahead of the Christmas with the global markets waiting to see how OPEC’s planned output cuts will affect oil prices in 2017.
Saudi Arabia has projected an increased spending in its budget for 2017 but has slightly reduced its military budget.
The Italian government has approved a bailout plan to rescue the country's struggling banks including the world’s oldest surviving bank - Monte dei Paschi di Siena (MPS).
With just one week in power, the Italian new government is seeking to increase sovereign debt to support the country's fragile banking system.
Etihad airline has laid off an unknown number of its staff amid a weakened global economy.
A new study says China is set to face economic challenges next year including low growth.
A report says Saudi Arabia may stop new investments in the US because of shifts in the American political landscape.
Moscow and Tokyo have inked numerous trade deals during Russian President Vladimir Putin’s visit to Japan.
Russia says it is working on a plan to set up a joint Islamic bank with Iran.
Iran and Indonesia signed 14 basic cooperation agreements during the visit of Indonesia’s President Joko Widodo to Tehran.
UK inflation jumped to its highest level in November in more than two years.
Malaysia and Singapore have signed an agreement to build a high-speed railway that would cut travel time between two sides to just 90 minutes.
Nearly two weeks after OPEC decision to cap output, oil companies in Qatar and Kuwait have announced their decision to reduce production levels as of beginning of 2017.
Iran’s President Hassan Rouhani attended a ceremony to celebrate the country’s self-sufficiency in production of wheat.
Russia’s Energy Minister Alexander Novak will arrive in Tehran on Monday to discuss expansion of economic relations particularly cooperation in the area of energy.
The Organization of the Petroleum Exporting Countries (OPEC) is expected to clinch a deal with non-OPEC producers to reduce oil output.
Iran is preparing to switch its national currency from the rial to the toman - a move that could boost the value of the country’s national currency against the US dollar.
Iran's Minister of Communications and Information Technology Mahmoud Vaezi says the country is ready to transit optical cables from Russia to China and India.
Crude prices have soared after the Organization of the Petroleum Exporting Countries agreed to cut crude output.
The agreement by OPEC to exempt Iran from a much-debated oil freeze plan has been praised by the country’s media as a victory.
OPEC last slashed output in 2008 due to a slump in oil demand and prices amid the global financial crisis.
The company’s hopes of a major sales deal with Iran have dimmed following US presidential election results.
Indonesia has invited Iran to make refineries in the country.
Iran’s Petroleum Minister Bijan Zanganeh says he is hopeful that OPEC will reach a deal to cut its collection crude oil production.
Iran says Germany’s state-run lender KfW IPEX will provide the country with the credit line for the development of the Tehran-Mashhad railway.
Oil prices have fallen sharply amid uncertainty over whether the Organization of the Petroleum Exporting Countries will reach an output cut deal.
Claudio Descalzi, the CEO of Italy’s oil giant Eni, says his company is considering to return to Iran’s oil industry once it is reimbursed for the previous investments.
Iran says imports of cars from the US are authorized as long as they have been produced by non-American brands.
Qatar’s Energy Minister Mohammed Al-Sada says discussions are underway with Iran and Iraq to freeze their oil production at “current levels”.