Search Site

Trends banner

Economy

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Oil prices spike after US strikes on Iran nuclear sites

Economists at MUFG warned of "high uncertainty of the outcomes and duration of this war", giving a "scenario analysis" of...
  • Asian stocks were lower as traders digested the weekend's events, with Iran threatening US bases in the Mideast
  • Iran is the world's ninth-biggest oil-producing country, with output of about 3.3 million barrels per day

Tesla to build first grid-scale power plant in China

New York, United States - Tesla announced Friday that it signed an agreement to build its first grid-scale energy storage...
  • The project will help with the flexible adjustment of grid resources, and "effectively solve pressures relating to urban power supply," Tesla said
  • Chinese media outlet Yicai reported that Tesla Shanghai, Shanghai authorities and China Kangfu International Leasing Co. held a signing ceremony Friday for the project

Trade war worsens foreign investment outlook: UNCTAD World Investment Report

Presenting the annual report at a press conference, UNCTAD chief Rebeca Grynspan said it contained a "clear and urgent" message...
  • After two consecutive years of decline, the FDI outlook for 2025 remains negative due to uncertainties triggered by the tariff war waged by Trump, the UNCTAD said.
  • UNCTAD said that when adjusted to strip out volatile financial flows through several European economies, FDI fell by 11% last year to $1.5 trillion.

US Fed keeps interest rates unchanged in face of Trump criticism

Fed Chair Jerome Powell told reporters the central bank would make better decisions if it waited a few months to...
  • For now, he expects to learn more "over the summer," while officials appear increasingly divided on whether they can cut interest rates at all in 2025.
  • The Fed kept the benchmark lending rate between 4.25 percent and 4.50 percent at the end of its two-day meeting, with officials penciling in two rate reductions this year.

MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London

As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...
  • Saudi-based Cluster2 Airports Company signed a strategic MoU with Airbus. The agreement will see the deployment of the Agnet Turnaround platform across Cluster2’s 22 airports.
  • Saudi National Bank (SNB) has issued $1.25 billion in Tier 2 bonds at a 6% profit rate under its $10 billion Euro Medium Term Note program.

Asian stocks drop after Fed warning, oil dips with Mideast in focus

Hong Kong, China - Asian stocks fell Thursday after the Federal Reserve warned Donald Trump's trade war would likely reignite...
  • With Trump increasingly calling for the bank to slash rates, Powell said: "We'll make smarter and better decisions if we just wait a couple of months."
  • Hong Kong led losses, falling more than one percent, while Tokyo, Shanghai, Sydney, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta were also in the red

US Fed set to hold rates steady as it guards against inflation

Washington, United States - The US central bank is expected to hold interest rates steady Wednesday after its key policy...
  • The Federal Reserve has kept the benchmark lending rate unchanged this year at a range between 4.25 percent and 4.50 percent
  • Beyond inflation data, policymakers are also trying to keep expectations "anchored," a state in which consumers expect price increases to remain low and steady

Trump says EU not offering ‘fair deal’ on trade

US President Donald Trump said Tuesday that the European Union had yet to offer a "fair deal" on trade, as...
  • "We're talking but I don't feel that they're offering a fair deal yet," Trump said of EU speaking to reporters on board Air Force One before returning to the US from G7 meet US
  • Shortly after taking office, Trump upended the global economic order by accusing the United States' trading partners of unfair practices and he announced huge global tariffs

Cross-border payments and financial inclusion drive stablecoin popularity

London, United Kingdom -- Stablecoins -- a form of cryptocurrency backed by traditional assets -- are gaining traction, with the...
  • Stablecoins play a key role in crypto markets, enabling users to trade digital assets without relying on traditional banks, instead using blockchain.
  • Unlike volatile cryptocurrencies like bitcoin, stablecoins track the value of traditional assets -- such as the US dollar or gold -- enabling greater stability.

Global oil demand to dip in 2030, first drop since Covid: IEA

IEA cited sluggish economic growth, global trade tensions, the rise of electric cars and the shift away from crude to...
  • Total demand is forecast to reach 105.5 million bpd in 2030 after peaking at 105.6 million bpd in 2029.
  • Oil demand dropped dramatically in 2020, when countries locked down and shut their borders during the Covid pandemic, falling to 91.7 million bpd.

Meta’s AI talent war raises questions about strategy

New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...

Latest News

IMF says Omicron could slow global growth

According to the economists, Omicron's threat to economy will likely be less severe than the previous waves.

Qatar takes key step to control own airspace

Qatar said on Tuesday that it has been given a preliminary green light by a UN body on a proposal...

G20 ministers set to green light global tax reform

Finance ministers from the G20 richest nations are expected to give the green light Saturday to a historic deal to...

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private...

Saudi Arabia to create 40,000 jobs for its nationals

Job creation is part of Saudi strategy to help residents obtain high-quality jobs The strategy seeks to push more Saudi...

Trade war worsens foreign investment outlook: UNCTAD World Investment Report

Presenting the annual report at a press conference, UNCTAD chief Rebeca Grynspan said it contained a "clear and urgent" message...

US Fed keeps interest rates unchanged in face of Trump criticism

Fed Chair Jerome Powell told reporters the central bank would make better decisions if it waited a few months to...

MENA Brief | June 19: GCC central banks hold interest rates steady, Diriyah House launched in London

As most currencies in the region are pegged to the US dollar, monetary policy follows the decisions taken in Washington,...

Most Read

US Fed set to hold rates steady as it guards against inflation

Washington, United States - The US central bank is expected to hold interest rates steady Wednesday after its key policy...
  • The Federal Reserve has kept the benchmark lending rate unchanged this year at a range between 4.25 percent and 4.50 percent
  • Beyond inflation data, policymakers are also trying to keep expectations "anchored," a state in which consumers expect price increases to remain low and steady

Trump says EU not offering ‘fair deal’ on trade

US President Donald Trump said Tuesday that the European Union had yet to offer a "fair deal" on trade, as...
  • "We're talking but I don't feel that they're offering a fair deal yet," Trump said of EU speaking to reporters on board Air Force One before returning to the US from G7 meet US
  • Shortly after taking office, Trump upended the global economic order by accusing the United States' trading partners of unfair practices and he announced huge global tariffs

Cross-border payments and financial inclusion drive stablecoin popularity

London, United Kingdom -- Stablecoins -- a form of cryptocurrency backed by traditional assets -- are gaining traction, with the...
  • Stablecoins play a key role in crypto markets, enabling users to trade digital assets without relying on traditional banks, instead using blockchain.
  • Unlike volatile cryptocurrencies like bitcoin, stablecoins track the value of traditional assets -- such as the US dollar or gold -- enabling greater stability.