US aerospace manufacturers insist they have no use for tariffs
New York, United States -- US airlines and aerospace manufacturers insist they have no use for tariff protections, warning that...
Business
New WEF report reveals how tech convergence will reshape industries
Geneva, Switzerland – The World Economic Forum today released a new report examining how emerging technology combinations are reshaping industries...
Geostrategy
Economy
Kuwait’s never-ending political crisis hurts economy
It suffers from constant stand-offs between elected lawmakers and cabinets installed by the ruling Al-Sabah family, despite a parliamentary system...
- Kuwait, home to seven percent of the world's crude reserves, has little debt and one of the strongest sovereign wealth funds in the world
- The oil-rich country, posting large deficits during the Covid-19 pandemic, was buoyed by the rise in oil prices last year
Business
AD Ports launches new service to boost trade between UAE and Kuwait
Abu Dhabi, UAE-- In order to improve commercial connectivity and trade between the UAE and Kuwait, AD Ports Group launched...
- The preliminary data for 2022 has shown a rise in non-oil trade exchange between the two countries to $12 billion
- Owing to a series of partnerships, trade acitivity between the UAE and its neighboring countries has witnessed significant growth
Business
Turkey stops handling oil exports from Kurdistan region: Iraq
The Iraqi oil ministry said that Turkey stopped oil exports from Iraq's autonomous Kurdistan region on Saturday in the wake...
- Iraq had initiated the proceedings against the neighboring country in 2014, claiming exclusive rights over Kurdistan's oil exports
- The regional government in Arbil though, in defiance of Baghdad, continued to export oil through Turkey at a rate of around 450,000 barrels a day
Banks face reduced profits as CBDCs gain traction
The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues...
- The emergence of interoperable central bank digital currencies may lower costs and reduce settlement risks, but may hit bank revenues from cross-border transactions, warns Moody's
- Although CBDCs promise faster, cheaper, and safer services, they could diminish banks' roles in the new economic landscape, affecting revenues from cross-border payments, it adds
Market Report
Saudi Arabia’s TASI ends the week higher while UAE markets fall
Several factors contributed to the fall in UAE markets, including a decline in oil prices, worries about multinational banks' health.
- The primary index of the Abu Dhabi Securities Exchange fell by 0.5 percent, while the Dubai market's main index dropped by 0.9 percent.
- In Dubai, losses in the industrial and financial services sectors led to a 0.5 percent drop in the main index on Monday.
Business
Qatar Islamic Bank owner again offers to buy Manchester United
Manchester United have received a second Qatari bid to buy the English football giants, British media reported. The reports said...
- Bidders were initially told they had until 2100 GMT on Wednesday to submit new offers, but reports say that has been extended.
- No figures have been revealed but one or more of the initial bids were understood to be in the region of US$5.5 billion
Geostrategy
UAE highlights food, energy insecurity at G20 Finance Track meeting
CHENNAI, INDIA - The UAE spoke on food and energy insecurity and their implications in the second Framework Working Group...
- The UAE delegation highlighted emerging uncertainties in the finance sector.
- The delegation discussed effective ways to promote global financial stability.
Science
EU, Germany reach deal on fossil fuel car phaseout
BRUSSELS, BELGIUM - The European Union and Germany on Saturday said they had struck a deal after a dispute over the...
- A landmark deal to prohibit new sales of fossil fuel cars from 2035 is key to the bloc's ambitious plan to become a "climate-neutral" economy by 2050.
- Germany demanded that the EU provide assurances the law would allow the sales of new cars with combustion engines that run on synthetic fuels.
Business
Apple enjoys ‘symbiotic’ relationship with China, Cook says
Cook, who is in China to attend the high-profile China Development Forum, said "Apple and China grew together," during an...
- Cook's visit comes as Apple, the world's biggest company by market value, is trying to move production out of China
- The CEO has pledged to increase Apple's spending on its rural education program in China to 100 million yuan ($15 million)
Business
Demand for green goods grows amid global trade slow down in H2 2022: UNCTAD
The market for electric cars, solar and wind energy, green hydrogen is expected to quadruple in value by 2030 to...
- Trade in green goods grew by four percent in the second half of 2022, reaching a record $1.9 trillion in 2022
- The market for electric cars, solar and wind energy, green hydrogen is expected to quadruple by 2030 to reach $2.1 trillion
US aerospace manufacturers insist they have no use for tariffs
New York, United States -- US airlines and aerospace manufacturers insist they have no use for tariff protections, warning that...
Business
Company News
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Saudi Arabia to host WEF special meeting in April
Davos, Switzerland — Saudi Arabia will host a special meeting of the World Economic Forum (WEF) in Riyadh this April, Saudi...
Economy
IEA says oil production to rise but demand to be halved in 2024
Paris, France - World oil supply will continue to rise this year, the International Energy Agency said on Thursday, as it...
Business
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Business
Akasa Air orders 150 Boeing planes
Akasa Air will buy 737 MAX planes, which no Indian airline uses.
- Akasa Air chief said the 'historic' order would put the firm on the path to "becoming one of the top 30 leading airlines in the world"
- Akasa has been a strong Boeing backer, having ordered 72 aircraft in 2021, and another four in 2023
Business
Demand for lifestyle experiences in GCC has increased: SHG CEO
Dubai, UAE -- Sunset Hospitality Group (SHG) is more than just a collection of hotels, restaurants, and beach clubs. Renowned...
- Antonio Gonzalez, CEO of Sunset Hospitality Group said that Dubai remains a key area of focus for the Group.
- The Group will now be entering Portugal over the next two months, its most recent market addition.
Business
Google CEO says more layoffs are likely this year
SAN FRANCISCO, US - Google CEO Sundar Pichai has warned employees that more layoffs are in store at the search engine...
- Google laid off around 12,000 people this time last year, about six percent of its workforce, in the face of inflation and rising interest rates.
- The company confirmed it is eliminating "a few hundred" positions from its global ad team, amid a push to use AI for efficiency and creativity.