Tech helps Singapore economy top forecasts in third quarter
Singapore's economy grew more than expected in the third quarter as a rush for everything related to artificial intelligence drove...
Economy
Asia-Pacific markets mixed after Powell signals smaller rate cuts
Asia-Pacific markets are mixed on Tuesday, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the...
Economy
Economy
Disasters cause crop losses worth $3.8trn over 30 years, says FAO
PARIS, FRANCE - Natural and man-made disasters have caused $3.8 trillion in crop and livestock loses over 30 years, the UN's...
- Floods, droughts, insect infestations, storms, disease and war caused about $123 billion per year in lost food production between 1991 and 2021.
- This loss is the equivalent of five percent of total production or enough to feed up to half a billion people per year, the FAO said in a report.
Economy
Non-cash transactions in Egypt set to reach $16.34 billion in 2023
Cairo, Egypt - The Egyptian market is projected to reach an impressive $16.34 billion in non-cash transactions in 2023, while...
- The report suggests that the global growth will continue to accelerate, potentially reaching 2.3 trillion transactions by 2027, with an annual growth rate of 15%
- In Egypt, digital payments are also on the rise, with a predicted annual growth rate of 14.03% from 2023 to 2027
Economy
Need to end charging infrastructure bias as EVs rise
"Convenient and affordable charging primarily benefits private homeowners who can easily install EV charging equipment on their property and use...
- In the U.S., predominantly white neighborhoods are 1.4 times more likely than majority non-white neighborhoods to have a public charger
- The challenge ahead is clear: more chargers are needed, and they must be accessible to all, writes Tiya Gordon, Co-Founder & CEO of ItsElectric
UN calls for $294m for ‘urgent needs’ in Gaza, occupied West Bank
Nearly 60 percent of households in Gaza were considered food insecure before the start of the new hostilities. As of...
- The funds would be used to help more than 1.2 million people, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said
- UN has previously estimated it would need $502 to fund operations to aid 2.1 million Palestinians in 2023, a goal that is less than 50-percent financed
Geostrategy
Israel-Hamas war a ‘new cloud’ over world economy, says IMF
Marrakesh, Morocco-- The war between Israel and Hamas has cast a shadow over the IMF-World Bank annual meetings in Morocco, with...
- IMF Managing Director Kristalina Georgieva said the International Monetary Fund was "very closely monitoring how the situation evolves" and how it is affecting oil markets
- She said it was "too early" to assess the impact of the conflict, but "this is a new cloud on not the sunniest horizon for the world economy -- new cloud, darkening this horizon
Geostrategy
Risk of oil supply disruptions due to Hamas-Israel conflict limited: IEA
The Paris-based agency, in addition to its analysis and advisory roles, coordinates the release of emergency stocks held by its...
- Oil prices jumped at the start of the conflict but have since eased as there was no immediate disruption to supply flows and other nations have not intervened.
- Yet prices remain relatively high thanks to supply cuts by Saudi Arabia and Russia, with the IEA also warning it was beginning to see signs of demand destruction.
Business
Real estate trading volume in Qatar exceeds US$88m in week
DOHA, QATAR - The volume of real estate trading in sales contracts at the Department of Real Estate Registration at...
- Total sales contracts for residential units in the Real Estate Bulletin for the same period is US$19.7 million.
- A weekly bulletin shows that the list of real estate properties traded for sale included vacant lands, houses, hotel.
Economy
Africa’s exports expected to hit close to $1 trillion by 2035: Standard Chartered
Marrakesh, Morocco – Africa’s total exports will reach $952 billion by 2035 and the African Continental Free Trade Area (AfCFTA),...
- Rising regional trade levels and greater connectivity will unlock high‑growth corridors across Africa and beyond, the Stanchart report says
- The East Africa-South Asia corridor is expected to emerge as the fastest-growing major corridor, at 7.1 per cent per annum through to 2035, the report adds
Economy
Activists term IMF, World Bank ‘worst scam of the century’
Activists from developing nations belonging to a group called People's Alternative Global Tribunal organized themselves in the Moroccan city as...
- They blamed both the institutions for pursuing an economic model that favours political and financial elites
- The International Monetary Fund and World Bank are holding their first annual meeting in Africa in half a century
Economy
US wholesale prices rise more than expected in September
Washington, United States - US wholesale prices rose more than expected in September, government data showed Thursday, as energy prices continued...
- The producer price index (PPI) rose by 0.5 percent last month, building on August's 0.7 percent increase, according to data from the Labor Department.
- The US Federal Reserve has raised its key lending rate 11 times in the last 18 months to a 22-year high as it looks to bring down consumer inflation.
Tech helps Singapore economy top forecasts in third quarter
Singapore's economy grew more than expected in the third quarter as a rush for everything related to artificial intelligence drove...
Economy
Company News
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Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
Economy
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
Economy
China sets ambitious 5 percent growth target for 2024
Premier Li Qiang formally announced the growth objective, alongside the overall budget and key government policies for 2024, at China's...
Economy
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Economy
Saudi Arabia takes the lead in global road connectivity rankings: minister
Riyadh, Saudi Arabia - Saudi Arabia has earned the distinction of being the world's most connected country in terms of...
- Al-Jasser highlighted a remarkable decrease of over 50 percent in serious accidents, deaths, and injuries in recent years
- The ongoing campaign, now in its fourth year, seeks to enhance the efficiency and safety of the extensive road network, the minister added
Economy
China’s annual political conclave starts as economy sputters
Proceedings kick off Monday at 3:00 pm with the opening ceremony of China's People's Political Consultative Conference (CPPCC), which will...
- Armed police are ubiquitous on Beijing streets as delegates arrive for the gathering
- The meetings are not expected to see the unveiling of big-ticket bailouts
Swiss central bank posts 2023 loss
The bank has raised its interest rates to tame inflation..
- SNB said it recorded a loss of 8.5 billion francs on national currency positions last year, following a loss of one billion francs in 2022
- The bank made a profit of four billion francs on foreign currency positions following a loss of 131.5 billion francs in the previous year