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Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge

Saudi Arabia aimed at deal brokering, as a violent conflict between Israel and Hamas that has killed thousands of people unfolds. The annual event is typically used by attendees as an opportunity to build relationships with some of Saudi Arabia's biggest companies and its $778-billion sovereign wealth fund, drawn by the promise of deals as the kingdom embarks on an ambitious reform plan to wean its economy off oil. But an escalation between Islamist group Hamas and Israel into a broader conflict overshadowed the event dubbed «Davos in the Desert», a nod to the annual gathering of world leaders and corporate bosses in the Swiss Alps. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. «There is so much going on in the world and geopolitics in the wars that you're seeing and what just happened recently in Israel and Gaza. At the end of the day, when you put all this together, I think the impact on economic development is even more serious,» Banga said. Although the globe's top financiers dwelt little on the conflict, speaking about topics such as artificial intelligence, the economic fallout of war combined with record debts as rates rise created a bleak backdrop. «There's no question if these things are not resolved, it probably means more global terrorism, which means more insecurity, which means society is going to be fearful… and… we see contractions in our economies,» BlackRock Chairman and CEO Laurence Fink said. Fink was flanked on a panel at the Future Investment Initiative (FII) conference by bank CEOs including Goldman Sachs' David Solomon, JPMorgan's Jamie Dimon and Citi's Jane Fraser.

Nawaz Sharif, the caretaker government of Pakistan's Punjab province on Tuesday suspended his seven-year sentence in the Al-Azizia corruption case. The Punjab caretaker government led by Chief Minister Mohsin Naqvi is considered an extension of the Pakistan Muslim League Nawaz government. The government's decision came at the time when 73-year-old Sharif was appearing before the Islamabad High Court on Tuesday to seek bail in the Al-Azizia case. Before his arrival to Pakistan after ending his four-year self-imposed exile last Saturday, the IHC had granted him protective bail till October 24. On Tuesday, the Punjab government issued a statement saying that it has suspended PML-N supremo Sharif's sentence in the Al-Azizia case on his request. «The former prime minister's sentence has been suspended after the provincial cabinet's approval. The decision has been taken in the light of a higher court that allowed the Punjab government to suspend Nawaz's conviction in the Al-Azizia case on medical grounds,» the government said.

“If you talk to our chief investment officer, she would say this is the time to start thinking about adding some duration,” State Street Corp. Chief Executive Officer Ron O’Hanley said in an interview with Bloomberg TV on Tuesday. “I don’t think anyone can call the top, but when you look at the 10-year just touching a bit over 5%, probably it is.”

basmati rice exports, government and industry sources said on Tuesday, after farmers and exporters complained it was damaging trade. The government is likely to bring down the floor price, or minimum export price (MEP) for basmati rice, to $950 per metric ton from $1,200 a metric ton, said the sources, who did not wish to be named because the decision has not been made public. India imposed a $1,200 per ton MEP on basmati rice shipments in August to keep a lid on local prices ahead of key state elections.

Also Read: From high inflation to import bill - the domino effect of rising crude oil prices on Indian economy With major oil producers Saudi Arabia and Russia announcing oil supply cuts of a combined 1.3 million barrels per day (mbpd) till the end of the year, the global economy already faces an oil market deficit. Now, with oil prices hovering above the $90 per barrel-mark, the escalation of the conflict towards other Middle Eastern oil producers is concerning and requires careful monitoring, especially given the global economy's 'higher for longer' interest rate scenario. The oil supply is unlikely to be threatened unless the issue expands to other nations in the region and becomes a proxy conflict between the US and Iran.

NEW DELHI : India-backed Global Biofuels Alliance (GBA) is looking for more countries to join it from South-east Asia and Africa after the Philippines and Tanzania became the latest entrants. The move is strategically significant as it is expected to give India an upper hand over China which has interests in both South East Asian and Africa and has been opposed to joining the alliance. The alliance launched on 9 September on the sidelines of the G20 Leadership Summit was initially conceptualized with a view to getting all G20 members on board.

Saudi Arabia's Prince Turki al-Faisal recently spoke about the ongoing violence in the Middle East, making references to historical events in India. The Saudi prince condemned both Hamas and Israel for their attacks on civilians, emphasizing the importance of peaceful resistance. During a speech at the Baker Institute in the US, Prince Turki al-Faisal stated, «All military occupied people have a right to resist the occupation, even militantly.

Mohammed bin Salman took to the stage to promise that a new era was dawning for the Middle East. “The new Europe is the Middle East,” the country’s de facto ruler, commonly known as MBS, said to applause from the crowd.

Hangzhou Asian Para Games with a bang here on Monday. Kumar set an Asian Para Games record of 1.82m to win the men's high jump T63 gold while compatriots Mariyappan Thangavelu (1.80m) and Govindbhai Ramsingbhai Padhiyar (1.78m) took the silver and bronze respectively.

Investing.com — If Friday’s market was any indication, oil gains could be reversed almost as quickly as they are made on news of any thawing of the crisis in the Middle East. The question though is how many hours of relative calm could there be in this conflict before the next headline of an escalation sends traders over the edge again?

IndiGo and SpiceJet – are listed on the bourses. The plans of GoAir to launch an IPO were cancelled, and the airline has been facing financial issues that have affected its operations since May this year. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Akasa, launched in mid-2022, currently operates over 750 flights per week across 16 routes.

AP. This effort to normalisation was announced in September at the Group of 20 summit in India, with plans to collaborate on a shipping corridor.

₹5.5 lakh every month for the next 25 years, dramatically changing his fortunes. Natarajan, 49, won the FAST5 Grand Prize of Emirates Draw. The win ensures he will get Dh 25,000 (5.6 lakh) a month for 25 years.

snapped food, water and power supplies to the besieged Gaza Strip since October 8, to retaliate against the raids carried out by Hamas fighters in southern Israel on October 7. The aid trucks “do not have enough supplies" for even one school in Gaza, a Palestinian spokesperson for the Rafah border crossing said, as per a CNN report. The news channel, however, noted that it could not verify the claim.

₹7,357 per bbl, having swung between ₹7,317 and ₹7,474 per bbl during the session so far, against a previous close of ₹7,330 per barrel. Also Read: Indian crude basket to average $87/bbl, OMCs to bear the brunt as oil surges 6% over Israel-Hamas war -Supporting oil prices were wide forecasts of a tightening market in the fourth quarter after top producers Saudi Arabia and Russia extended supply cuts of around 1.3 million barrels per day (bpd) till the end of the year.

Gaza. By the time Israel issued its denial, though, details had ceased to matter. The catastrophe had sparked protests in the West Bank and Jordan, and as far away as Tunisia.

war against the barbaric Hamas, while trying to reach out to moderate Palestinians. Biden, I know, tried really hard to get Israeli leaders to pause in their rage and think three steps ahead — not only about how to get into the Gaza Strip to take down Hamas but also about how to get out — and how to do it with the fewest civilian casualties possible. While the president expressed deep understanding of Israel's moral and strategic dilemma, he pleaded with Israeli military and political leaders to learn from America's rush to war after 9/11, which took our troops deep into the dead ends and dark alleys of unfamiliar cities and towns in Iraq and Afghanistan. However, from everything I have gleaned from senior U.S. officials, Biden failed to get Israel to hold back and think through all the implications of an invasion of Gaza for Israel and the United States. So let me put this in as stark and clear language as I can, because the hour is late: I believe that if Israel rushes headlong into Gaza now to destroy Hamas — and does so without expressing a clear commitment to seek a two-state solution with the Palestinian Authority and end Jewish settlements deep in the West Bank — it will be making a grave mistake that will be devastating for Israeli interests and American interests. It could trigger a global conflagration and explode the entire pro-American alliance structure that the United States has built in the region since Henry Kissinger engineered the end of the Yom Kippur War in 1973.

Israel pounded the densely-populated territory where millions waited for promised aid deliveries on Saturday. The Islamist group took more than 200 people hostage when it stormed into Israel from the Gaza Strip on October 7, and killed at least 1,400 people, mostly civilians who were shot, mutilated or burnt to death on the first day of the raid, according to Israeli officials. The fate of the hostages has been shrouded in uncertainty, so the release of mother and daughter Judith and Natalie Raanan offered a rare «sliver of hope», said Mirjana Spoljaric, president of the International Committee of the Red Cross. US President Joe Biden said he was «overjoyed» by the release, which comes days after he visited Israel to express solidarity with the wounded country and press for humanitarian aid into Gaza. Trucks carrying relief are still stuck on the Egyptian side of the Rafah border crossing into Gaza, though Biden said they could cross in the «next 24 to 48 hours.» Israel has vowed to destroy Hamas, and says around 1,500 of the group's fighters were killed in clashes before its army regained control of the area under attack on October 7. Biden said Friday he believes the attack was motivated partly by Saudi Arabia's plan to recognise Israel. Israel's military campaign has levelled entire city blocks in Gaza, killing 4,137 Palestinians, mostly civilians, according to the Hamas-run health ministry. Israeli troops are massed on the border with Gaza ahead of an expected ground invasion that officials have pledged will begin «soon». But a full-blown land offensive carries many risks, including to the hostages from Israel and around the world held by Hamas.

WASHINGTON (Reuters) -Palestinian Islamist group Hamas' Oct. 7 attack on Israel that killed about 1,400 people aimed to disrupt a potential normalization of ties between Israel and Saudi Arabia sought by Riyadh, U.S. President Joe Biden said on Friday.