Trump admin unveils AI strategy to maintain US dominance
The 25-page "America's AI Action Plan" outlines three aims: accelerating innovation, building infrastructure, and leading internationally on AI. Overall, the...
Geostrategy
G20 nations agree central bank independence ‘crucial’
The statement came after months of escalating attacks by US President Donald Trump on Federal Reserve boss Jerome Powell. The...
Geostrategy
Economy
Tariff war: Xi says China must ‘overcome’ AI chip challenges
Beijing, China - President Xi Jinping said China must "overcome" the challenges of developing core AI technologies including high-end chips,...
- China aims to dominate the artificial intelligence sector, a goal complicated by the trade standoff with Washington
- Since the launch of ChatGPT in November 2022, generative AI models have proliferated in the United States and China
Economy
IMF, World Bank welcome efforts for Syria to reintegrate globally
Washington, United States - The International Monetary Fund and World Bank's leaders said in a joint statement Thursday that they...
- The statement, issued with Saudi Arabia's finance minister, came as Syria's central bank governor and finance minister attended the IMF and World Bank's spring meetings
- Significant amounts of Syria's infrastructure have been destroyed by 14 years of war, beginning with a crackdown by president Bashar al-Assad on a pro-democracy movement
Geostrategy
Lebanon parliament approves changes to banking secrecy law
Beirut, Lebanon -- Lebanon's parliament on Thursday approved amendments to banking secrecy legislation, a key reform demanded by the International...
- The international community has long demanded major fiscal reforms to unlock billions of dollars in aid to restart the Lebanese economy in the wake of a five-year economic collapse
- The crash since 2019 has seen the local currency lose most of its value against the US dollar and has pushed much of the population into poverty.
Economy
The game of ‘chicken’ being played with the world economy can be brought to a cooperative end
A meaningful “G3” accord between the US, Europe, and China must include coordinated fiscal, monetary, development, and trade policies. From...
- The hardline positions of the US and China on trade and tariffs are putting the world economy at risk, writes Richard Samans
- Yet, Europe could broker a 'positive off-ramp' that fires on all of the cylinders of international cooperation
Economy
Trump eyes ‘fair deal’ with China, but path to ending tariff war remains unclear
Trade tensions between the world's two biggest economies have soared as Trump ramped up levies on imports from China this...
- But how soon the tariffs can be lowered "depends on them," Trump said, referring to Beijing, even as he maintained that he gets along "very well" with Chinese President Xi Jinping
- But earlier Wednesday, US Treasury Secretary Scott Bessent told reporters that the two countries are "not yet" talking when it comes to lowering tariffs
Economy
IMF cuts global growth outlook on impact of Trump tariffs
Washington, United States -- The International Monetary Fund on Tuesday slashed its forecast for global growth this year, citing the...
- The IMF projections see the global economy growing by 2.8 percent this year, 0.5 percentage points lower than the previous World Economic Outlook (WEO) forecast in January.
- The IMF expects China, the world's second-largest economy, to see growth slump to 4.0 percent this year, down from 5.0 percent in 2024.
Business
Gold hits record, dollar drops as tariff fears dampen sentiment
With several markets still closed for the Easter holiday, business was limited ahead of a week that will see the...
- The precious metal was also helped by a weaker dollar, which has also been hit by worries about Trump's standoff with Fed boss Jerome Powell.
- Stocks had a mixed start to the week, with Tokyo weighed by the stronger yen while Taipei, Jakarta and Bangkok were also in negative territory.
Economy
Beijing slams ‘appeasement’ of US in trade deals that hurt China
China on Monday hit out at other countries making trade deals with the United States at Beijing's expense, promising countermeasures...
- While the rest of the world has been slapped with a blanket 10 percent tariff, China faces levies of up to 145 percent on many products
- China has vowed to fight a trade war "to the end" and has not confirmed that it is in talks with Washington, though it has called for dialogue
Economy
UAE foreign trade increases by 49% to reach $1.42 trillion in 2024
The UAE climbed from 17th to 11th globally in merchandise exports and from 18th to 14th in imports between 2021...
- The UAE accounted for 41.4 percent of the Middle East’s $1.5 trillion merchandise exports, with regional exports growing by 3.7 percent and services by 4.1 percent in 2024.
- Globally, the UAE contributed 2 percent to services exports and 1.3 percent to imports, with service exports of $176 billion and imports of $106 billion.
Economy
Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
- New US tariffs have upended global trade and caused significant volatility in financial markets
- In early April, global stock markets plummeted after US President Donald Trump unveiled a new tariff regime
Trump admin unveils AI strategy to maintain US dominance
The 25-page "America's AI Action Plan" outlines three aims: accelerating innovation, building infrastructure, and leading internationally on AI. Overall, the...
Geostrategy
Company News
Latest News
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...
Economy
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...
Economy
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,...
Geostrategy
Most Read
Economy
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
Economy
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
Business
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.