Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
Business
Stocks, oil slump as China retaliates and Trump digs in heels
Despite the market turmoil, Trump insisted: "my policies will never change". Wall Street stocks fell more than two percent at...
Business
Business
AD Ports Group, Africa Finance Corporation sign collaboration agreement
Abu Dhabi, WAM---AD Ports Group has signed a collaboration agreement with the Africa Finance Corporation (AFC), an infrastructure solutions provider...
- They will collaborate on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa.
- Both parties will bring their technical expertise and financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.
As AI rises, lawmakers try to catch up
Artificial Intelligence promoters reckon it is revolutionizing human experience, but critics stress that the technology risks putting machines in charge...
- Suresh Venkatasubramanian of Brown University, who co-authored the AI Bill of Rights, said trying to define AI was "a mug's game"
- Experts reckon no dedicated AI legislation is likely in the United States until 2024 at the earliest because Congress is deadlocked
Economy
World economy faces more pain in 2023 after a gloomy year
Economists expect Germany and another major eurozone economy, Italy, to fall into recession. Britain's economy is already shrinking. Rating agency...
- IMF still expects the world economy to expand in 2023, with growth of 2.7 percent but the OECD is forecasting 2.2-percent growth
- Natural and man-made catastrophes have caused $268 billion in economic losses so far in 2022, according to reinsurance giant Swiss Re
Business
ADNOC signs catering deals worth $272m
Four Abu Dhabi firms will provide services to ADNOC companies from 2022-27.
- More than 50 percent of the value from the four contracts will flow back into the UAE economy, as part of ADNOC’s In-Country Value (ICV) programme, ADNOC said.
- Royal Catering, Apex National Catering, National Corporation for Tourism & Hotels (NCT&H) and Sodexo Kelvin have been awarded the contracts.
Geostrategy
EU stops import of products which causes deforestation
The European Union reached an agreement to ban the import of products including coffee, cocoa and soy in cases where...
- The draft law, which aims to ensure "deforestation-free supply chains" for the 27-nation EU, was hailed by environmental groups as "groundbreaking".
- The scope encompasses palm oil, cattle, soy, coffee, cocoa, timber and rubber as well as derived products such as beef, furniture and chocolate.
Economy
Developing economies’ debt more than doubled over decade, says World Bank
The external debt of developing economies has more than doubled from a decade ago to US$9 trillion in 2021, the...
- Many countries are already facing or at risk of debt distress with surging global inflation and rising interest rates.
- The external debt of International Development Association countries also nearly tripled in the decade leading up to 2021.
Geostrategy
Libya tells foreign energy firms it’s safe to return
TRIPOLI, LIBYA - Libya's state energy firm urged its foreign oil and gas partners to resume exploration and production Tuesday...
- Rival administrations in east and west have vied for power in Libya since March.
- Libya aims to raise its oil output from around 1.2 million barrels per day currently to 2.0 million bpd by 2027, NOC chairman Farhat Bengdara said.
Business
Abu Dhabi Airports, Bombardier to create aircraft hub in UAE
This represents Bombardier’s first full-service facility in UAE.
- The development of the new Bombardier MRO at Abu Dhabi International Airport is one of several key investments Abu Dhabi Airports is supporting.
- This represents Bombardier’s first full-service facility in the UAE and builds on its long-term commitment to their customers in this critical market.
Business
Vietnamese firms look to benefit from Saudi Vision 2030 opportunities
Riyadh, Saudi Arabia---Â As many as 20 Vietnamese companies that participated in the Saudi-Vietnamese Business Forum on Tuesday evinced interest...
- As many as 20 Vietnamese companies that participated in the Saudi-Vietnamese Business Forum.
- The trade between the two countries amounted to about SR8.2 billion in 2021.
Geostrategy
UAE, Saudi Arabia sign MoU for mutual recognition of maritime training
LONDON, UK - The UAE Ministry of Energy and Infrastructure (MOEI) and the Transport General Authority (TGA) of the Kingdom...
- The move is in line to ensure the highest standards of maritime safety and within the outcomes of the Saudi-Emirati Coordination Council.
- This is as per the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers 1978 and its amendments.
Stocks sink again as Trump holds firm on tariffs
Trading floors across the globe were overcome by waves of further selling after last week's sharp losses, with Trump telling...
Business
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Business
US pushes naval coalition as Yemen rebels vow to attack more ships
The United States pushed to build up a multinational naval task force to protect a key global shipping lane from...
Geostrategy
DIFC Innovation Hub 2023 graduates raise $600 million in funding
Dubai, UAE -- More than 200 start-ups graduating from the programs of DIFC Innovation Hub in 2023 have collectively raised...
Business
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Business
Australia’s Starc, Cummins set salary records at IPL auction
Before Tuesday, England all-rounder Sam Curran was the most expensive player after being bought for $2.23 million last year by...
- The Australian cricketer Starc was snapped up by Kolkata Knight Riders for 247.5 million rupees ($2.98 million), setting an all-time IPL auction record
- He broke the record set by Cummins earlier in the day when Sunrisers Hyderabad paid 205 million rupees ($2.47 million) for the World Cup-winning skipper
Geostrategy
15% increase in air traffic at UAE airports during COP28, says GCAA
ABU DHABI, UAE – Airports in the country witnessed a 15 percent increase in air traffic during the 28th Conference...
- The first day of COP28 - November 30 2023 - witnessed the highest daily air traffic rate in the history of civil aviation in the UAE with 2,848 flights.
- The General Civil Aviation Authority organized meets and daily communication sessions to discuss plans, improve air navigation management systems.
Business
Lufthansa orders planes for $9 bn
The airline ordered 40 planes each from Boeing and Airbus.
- The Airbus planes are intended to be used by Lufthansa's new regional carrier, City Airlines, which is due to start operating in summer 2024.
- The aircraft, the first of which will be delivered in 2026, will be deployed on short-haul routes from Frankfurt and Munich.