County Gulf Financial News

DUBAI (Reuters) — Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum approved a budget of 246.6 billion dirham ($67.14 billion) for the emirate's government in 2024-2026, the Dubai media office said on Monday.

By Hadeel Al Sayegh and Anousha Sakoui

Geojit Financial Services jumped 14.5% to Rs 68.9 in Wednesday's trade on BSE as the company reported a 58% YoY rise in second-quarter profit at Rs 38 crore as against Rs 24 crore a year earlier. In the quarter, the consolidated revenue stood at Rs 145 crore, up 29% as against Rs 112 crore in the corresponding period of the preceding fiscal. Earnings before investment, tax, depreciation, and amortisation (EBITDA) for the quarter jumped 44% YoY to Rs 59 crore in Q2 FY24 as compared to Rs 41 crore in Q2 FY23. For the first half, revenue increased 22% to Rs 261 crore from Rs 214 crore and it earned a profit after tax of Rs 60 crore during the period, up 30% from Rs 46 crore a year ago. At 1.14 p.m., the scrip was trading 13% higher at Rs 68 on BSE. On a year-to-date basis, the stock has also risen over 40%, while it has declined over 15% in the past 2 years. Technically, the stock's day RSI (14) is at 63.7.

The Biden administration has designated four tracts of federal waters in the Gulf of Mexico off the Texas and Louisiana coasts for development of wind energy

European Union leaders believe it's time to lay the foundations for a future relationship between Israel and the Palestinians where the militant group Hamas does not control Gaza

A sale of federal Gulf of Mexico oil and gas leases that had been scheduled for Nov. 8 is being delayed pending court arguments that focus on protections for an endangered whale species

Middle East which could disrupt oil supplies, after reports that the U.S military had struck Iranian targets in Syria. Brent crude futures for December rose 93 cents or roughly 1.1%, to $88.86 a barrel by 1254 GMT.

By Natalie Grover

Body Various widely tracked companies like Axis Bank, Tech Mahindra, Asian Paints, Punjab National Bank, Reliance Industries, Maruti Suzuki, Bajaj Finserv and NTPC would be releasing their September quarter report cards this week.

Read all the latest updates on Cyclone Tej at Mint's LIVE blogIn 2022, no tropical storm was formed over the Arabian Sea during the post-monsoon season, while the Bay of Bengal witnessed two tropical storms -- Sitrang and Mandous.Cyclones in the Arabian Sea have a history of uncertain tracks and timelines, according to Skymet Weather.Once the cyclones are over the central parts of the Arabian Sea, their preferred track is towards Somalia, the Gulf of Aden, Yemen, and Oman. However, on a few occasions, these cyclones take a detour and head towards the Gujarat and Pakistan coastline, Skymet said.Cyclone Tej will be followed by the Iran-named Cyclone Hamoon – whenever it may occur.

By Nerijus Adomaitis

crown prince and president of the United Arab Emirates met on Friday, state media reported, as the two Gulf states worked to overcome their differences amid a conflict between Israel and Hamas that threatens to engulf the Middle East. Saudi state news agency SPA showed footage of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, receiving UAE President Mohammed bin Zayed Al Nahyan at Riyadh's airport. Public meetings between the crown prince and Sheikh Mohammed have been rare in recent years as the close allies competed for investment and regional influence.

Officials say surveys have detected that the population of young lobsters has declined nearly 40% in some of the most critical fishing waters off New England

weather changes in Maharashtra city due to a possible cyclonic storm that is expected to develop in the Arabian Sea. The IMD’s weather update on Monday outlined that a low-pressure area is likely to develop over the southeast and adjoining east-central Arabian Sea in the next 48 hours. October to December is among the favorable periods for the development of cyclones in the Bay of Bengal and the Arabian Sea due to warmer ocean temperatures.

PTI citing an official at the IMD, a cyclonic circulation over the southeast Arabian Sea and the adjoining Lakshadweep region has been seen. Due to which a low-pressure area is likely to be formed over the same region. At present, the probability of the system intensifying into a cyclonic storm is not notably high.

Qatar has agreed to supply British firm Shell with natural gas for 27 years, the Gulf emirate's state-owned energy company announced on Wednesday. Since Moscow's invasion of Ukraine last year, European countries have scrambled to replace lost deliveries of natural gas from Russia. Qatar will supply 3.5 million tonnes of gas a year under the deal, QatarEnergy said, following two agreements with Shell for a share of the Gulf state's huge North Field gas expansion project. «We are delighted to sign these two long-term LNG sale and purchase agreements with Shell that will further enhance our decades-long relationship and strategic partnership in Qatar and around the world,» Qatari Energy Minister Saad al-Kaabi said. «These agreements reaffirm Qatar's commitment to help meeting Europe's energy demands and bolstering its energy security with a source known for its superior economic and environmental qualities,» he added, In October last year, Shell inked a deal with QatarEnergy for a 9.4 percent stake in Qatar's North Field South project, the second phase in the expansion of the world's largest gas field, which extends under the Gulf into Iranian territory. In July the same year it also agreed to a 6.25 percent share in the first phase of the expansion, North Field East. Deliveries of the liquefied natural gas (LNG) to Rotterdam are expected to begin in 2026. The deal with Shell is equal in length to an agreement with France's TotalEnergies announced earlier this month for a 27-year supply of natural gas. Under its North Field expansion, Qatar is set to raise its output of liquified natural gas (LNG) by 60 percent or more to 126 million tonnes a year by 2027. The main market for Qatari gas has traditionally been

Woodside Energy has called for “urgent” reforms to Australia’s offshore approvals process, citing the threat of delay and increased cost at its $16.5 billion Scarborough LNG project in Western Australia.

bond sale, a document showed, the first high-profile debt issue from the region since last week's Israel-Hamas conflict unsettled regional markets. The Public Investment Fund (PIF) plans to issue a dollar-denominated Islamic bond, and mandated Citi, HSBC, JPMorgan and Standard Chartered Bank to arrange a series of investor calls starting on Monday. It will be the PIF's second international debt issue this year after it raised $5.5 billion from green bonds in February. The plans come as the troubles in Israel have triggered an increase in volatility in the Middle East and North Africa (MENA) region and seen major investment banks such as JPMorgan and Morgan Stanley downgrade their view on the broader region. A European-based investor said markets were closely watching how pricing and demand for the PIF Islamic bond would shape up in days to come, with the issue being seen as a weather vane for sentiment towards fixed income in the Gulf region more widely in the wake of the conflict. The PIF is the chosen vehicle of Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. A dual tranche of 5- and 10-year tenor senior sukuk, or Islamic bonds, will follow the investor meetings, the document seen by Reuters showed.

MEXICO CITY (Reuters) — Mexico Energy Secretary Rocio Nahle has presented her resignation and will step down immediately, Mexican President Andres Manuel Lopez Obrador said on Friday, following hints from Nahle she might enter the race for governor of Veracruz state.

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solar eclipse produces a mesmerizing "ring of fire." These unique celestial occurrences are similar to total solar eclipses, with one crucial difference — the moon is positioned at the farthest point in its orbit from Earth, preventing it from completely obscuring the sun. This results in a breathtaking display as the sun's brilliant light encircles the moon's shadow.