US Fed makes first rate cut of 25 basis points over employment risks as Trump mounts pressure
Fed Chair Jerome Powell stressed that the central bank remains "strongly committed" to maintaining its independence from politics, however, when...
Economy
US Fed poised for first rate cut of 2025 as political tension mounts
The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing...
Economy
Business
Smart and Autonomous Vehicles Industries cluster launches at Masdar City
Abu Dhabi, UAE - A Smart and Autonomous Vehicles Industries (SAVI) cluster was launched at Masdar City on Friday. It...
- SAVI will support innovation and the commercialization of smart and autonomous vehicle technologies in the UAE
- The Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Investment Office (ADIO) are spearheading the development of SAVI
Iran says US ‘can not renege’ on deal to transfer $6bn via Qatar
Tehran, Iran-- Iran said the United States "can not renege" on an agreement to transfer $6 billion in frozen funds through...
- Tehran has come under intense scrutiny since Hamas stormed across Israel's border.
- Iran has insisted it was not involved, but celebrated the Hamas attack as a "success".
Business
Saudi business sector’s operating revenues at US$1.36trn in 2022, says GASTAT
RIYADH, SAUDI ARABIA - The business sector in the Kingdom reported a 24 percent rise year-on-year (YoY) in operating revenues...
- Operating revenues are the cash revenues generated from core or other sub-activities, according to the General Authority for Statistics.
- Manufacturing activities recorded nearly US$378 billion revenues, followed by the wholesale and retail trade at US$201 billion.
Business
JPMorgan Q3 profit at $13.2bn
The bank’s revenues rose 22 percent to US$39.9 billion.
- One of the biggest factors in bank’s rise in profit was the increased earnings in net interest income (NII).
- NII is the gap between what the bank makes in interest in loans to clients compared with interest payments to customers
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.
Most Read
Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
US Fed makes first rate cut of 25 basis points over employment risks as Trump mounts pressure
Fed Chair Jerome Powell stressed that the central bank remains "strongly committed" to maintaining its independence from politics, however, when...
Economy
Company News
Latest News
World Bank announces record $100 bn support for world’s poorest countries
The World Bank announced Thursday that it had raised close to $24 billion to provide loans and grants for some...
OPEC+ expected to extend oil supply cuts to avoid drop in prices
Without a new agreement, the eight countries which have been making voluntary additional production cuts of 2.2 million barrels per...
Seoul stocks sink amid S. Korea drama as Asian markets struggle
South Korean stocks sank more than two percent Wednesday while the won rebounded from earlier losses after President Yoon Suk...
Most Read
Desertification talks open in Saudi Arabia as experts fire warning
UN talks aimed at halting the degradation and desertification of vast swathes of land start in Saudi Arabia. Forest loss...
- 3.7 billion acres must be restored by decade's end to combat crises
- Forest loss and degraded soils were reducing resilience to climate change and biodiversity loss
How city governments can foster tech-sector growth without breaking the bank
City governments are usually equipped to promote their cities through websites, newsletters, communications, as well as hosting delegations visiting from...
- City governments are uniquely positioned to support startup ecosystems through a range of low-cost, high-impact methods
- The success of a startup ecosystem is built on the strength of connections that exist between the various organisations and people within it
Trump threatens 100% tariff on BRICS countries over currency plans
Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations...
- The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies
- The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates