‘World’ News

In the U.S., there could be serious repercussions. If oil prices rise, every 25-cent-a-gallon increase in the price of gasoline which is equivalent to a $10.70-a-barrel increase in crude oil would result in a decline of 0.25 per cent in annual gross domestic product and in the loss of 270,000 jobs, according to a study [...]

International Energy agency stated that the surge in oil prices to over $100 per barrel is high enough to “derail” the strides made in the global economic recovery. Globally, countries are putting pressure on OPEC to increase its exports in order to drive prices down. OPEC is due to meet on June 2, 2011 to [...]

While Egypt isn’t one of the world’s largest oil producers, it is a key point of transit for global oil supply as home to both the Suez Canal and the Suez-Mediterranean (Sumed) pipeline.  The Suez Canal links the Red Sea with the Mediterranean Sea and, according to a 2009 estimate, 1.8 million barrels of crude [...]

The Obama Administration has been cautious, urging Mubarak to enact reforms and make way for a democratic transition from his 30-year rule, and using the billions in aid we give Egypt as leverage. We don’t know exactly what is being said through diplomatic channels, especially with the Egyptian military, which relies on our funding and [...]

Stock futures pointed to modest gains on Monday, as the markets are digesting an in-line pickup in personal income and better than expected earnings from oil giant Exxon Mobil (XOM) while keeping an eye on the ongoing turmoil in Egypt. The major index futures are all in positive territory, with the Dow futures up by [...]

While Secretary of State Hillary Clinton initially said that the Mubarak government was stable, she then stated that the U.S. is “deeply concerned” about the violent crackdown on demonstrators and asked the Egyptian government to respect the protesters’ rights to free expression. “As a partner, we strongly believe that the Egyptian government needs to engage [...]

However unfavorable a Hezbollah-backed government in Lebanon may be, the United States and Israel have to take some responsibility for the creation of Hezbollah and its rise. The militant Hezbollah was created in response to Israel’s 1982 invasion of Lebanon, which used brutal tactics even the Israeli public found distasteful. And Israel’s use of a [...]

In terms of traditional protocol, the tribal council has to be kept informed of Mandela’s condition in order to make necessary preparations and to communicate with Mandela relatives in Qunu. Earlier this week, a Mandela family meeting took place at the Houghton home while Madiba was in hospital. Family members met on Thursday to discuss, [...]

The change of government in Lebanon does not mean that Hezbollah will be “ruling from the shadows”, as Newsweek overstated. It will be Syria ruling from the shadows – the same regime that kept Hezbollah in check throughout the 1990s and until 2005. Many here in Lebanon believe that the 2006 Israeli war on Lebanon [...]

The Iranian-backed militant group Hezbollah denied Thursday that it placed any demands on the billionaire businessman it chose to become prime minister of Lebanon. Hezbollah and its allies toppled Lebanon’s Western-backed government two weeks ago and secured enough support in parliament to name Najib Mikati as their pick for prime minister. Critics have expressed concern [...]