Countries where the X social network is banned and why
Paris, France - With its ban of X, which went into effect on Saturday, Brazil joins a small club of countries...Business
Chinese EV company Xpeng shares up 6% post mass-market car launch
Xpeng shares rose after the Chinese electric car company launched its new mass-market Mona brand on Tuesday with prices starting...Business
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...The RAKEZ delegation aims to foster deeper ties with local enterprises, prominent trade associations and key government entities.
The delegation hosted business forums across Guangzhou, Shenzhen and Dongguan cities, highlighting the prospects of the Middle East market.
End of era as Toshiba completes $13.5 bn offer to go private
Pressure from activist shareholders and a takeover offer from private equity group CVC prompted aborted attempts to split the company...Remaining shareholders will be "squeezed out" after the $13.5-billion tender offer and Toshiba shares will be delisted after more than 70 years on the stock market, Toshiba said
Toshiba traces its roots back to 1875 and evolved into a vast conglomerate in the 20th century synonymous with Japan's postwar economic revival and its technological innovation
Kuwait buys 40% stake in Egypt offshore energy project
Kuwait City - Kuwait's Foreign Petroleum Exploration Company (KUFPEC) has entered into an agreement to acquire a 40% stake in...The move aligns with KUFPEC's strategy of expanding its operations in collaboration with international partners active in specialized exploration areas
Khaled Kasem, Chairperson of Shell Egypt's office, highlighted that the partnership will facilitate the exchange of expertise
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Yahsat announces cash dividend for H1-23
The second dividend for 2023 is expected to be paid in May 2024.To qualify for this dividend, investors must acquire shares by September 27, 2023, or be shareholders as of October 2, 2023
On an annual basis, the company is on track to deliver a dividend of at least $4.48 cents per share, amounting to $109 million
UK to revoke plan to attain net zero emissions by 2050
LONDON, UK- The UK looked set to backtrack on Wednesday on policies aimed at achieving net zero emissions by 2050 with...The move comes amid growing concern over the potential financial cost of the government's policies to achieve net zero carbon emissions by mid-century.
Prime Minister Sunak said while the government was committed to the net zero target, it would try to achieve it "in a better, more proportionate way".
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.
Russian defense minister says Moscow-Tehran ties improving despite sanctions
MOSCOW, RUSSIA – The cooperation between Moscow and Tehran is reaching new highs, Russian Defense Minister Sergey Shoigu said on...The Russian defense minister announced readiness to take joint steps to strengthen stability and security in the Middle East.
The Russian minister said that cooperation and dialogue between Moscow and Tehran has enhanced recently.
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...Morocco was the first country in North Africa to sign the Belt and Road cooperation document with China.
Since then, the two countries have maintained close political, economic, and cultural connections.
