Turkey's annual inflation came in at nearly 49% on Thursday, hitting a nearly 20-year high and further eroding people's ability to buy even basic things like food.

The Turkish Statistical Institute said the consumer price index increased by just over 11% in January from the previous month. The yearly increase in food prices was more than 55%, according to the data.

Abu Dhabi's state-owned oil and gas company announced Thursday the discovery of between 1.5 to 2 trillion standard cubic feet of raw gas in an offshore area located in the emirate's northwest.

The discovery comes as Gulf Arab states continue to rely heavily on profits from oil and gas exports, despite rising global temperatures and climate change from burning fossil fuels. The United Arab Emirates, where Abu Dhabi is capital, was the first Gulf Arab state last year to join other countries around the world in pledging "net-zero" emissions targets within its borders — while maintaining fossil fuel exports abroad.

Not too long ago, Ehud Olmert was trying to lead Israel to a historic peace agreement. These days, the former Israeli prime minister is pushing a different message: legalize marijuana.

Olmert is among a group of former Israeli leaders and security chiefs who have found new careers in the country's tightly controlled medical cannabis industry. They hope not only to cash in on the local market, but also to clear the way for the country's major marijuana producers to export.

Inflation fed by high oil and gas prices hit record levels in Europe for the third month in a row, extending pain for consumers and sharpening questions about future moves by the European Central Bank.

The 19 countries that use the euro currency saw consumer prices increase by an annual 5.1% in January, the European Union statistics agency Eurostat reported Wednesday. The figure broke records of 5% in December and 4.9% in November and was the highest since recordkeeping started in 1997.

Central Bank Governor Riad Salameh on Tuesday issued a statement saying commercial banks can now purchase Lebanese banknotes in return for cash dollars based on the exchange rate of the Sayrafa platform.

Media reports said banks have in recent days been short on Lebanese pounds and were rationing the amounts given to clients.

Wall Street premarket trading pointed to a modestly lower open Tuesday on the heels of the market's worst trading month since early in the pandemic.

As traders prepare for another busy day of corporate earnings releases, futures for the benchmark S&P 500 index and the Dow Jones Industrial Average each fell about 0.1% less than two hours before the opening bell. ExxonMobil, Alphabet, General Motors and Starbucks are among those reporting quarterly financial results on Tuesday.

Natural gas will remain an important energy source through 2050 and quantities of the hydrocarbon found off the east Mediterranean island nation of Cyprus could reach markets through a pipeline or by liquefying it for transport by ship, the head of ExxonMobil's Cyprus arm said Tuesday.

ExxonMobil Cyprus lead country manager Varnavas Theodossiou said "all energy sources remain important" for the next three decades "across a range" of scenarios set out under the Paris Agreement on climate change as the globe shifts to cleaner fuels toward achieving a zero-emissions goal.

Indian Prime Minister Narendra Modi's government included hefty spending on roads, airports and other infrastructure in an annual budget presented to Parliament on Tuesday, looking to spur growth and improve its popularity just ahead of key state elections.

The budget for the coming fiscal year, which starts on April 1, calls for $533 billion in spending, up from $477 billion in the current year, Finance Minister Nirmala Sitharaman said in presenting it to lawmakers.

German beer sales dropped another 2.2% last year, with the coronavirus pandemic again weighing on brewers after sales tumbled 5.5% in 2020, official figures showed Tuesday.

Lockdowns that shut restaurants and bars for parts of the past two years have added to a long-term downward trend fueled by health concerns and other factors.

Uganda and a group of investors on Tuesday announced their decision to finally proceed with oil production following years of setbacks that threatened the East African country's efforts to become an oil exporter.

The China National Offshore Oil Corporation and the French energy conglomerate TotalEnergies said Tuesday that the investment in Uganda would be more than $10 billion.