Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Bitcoin crashes, Ether has worst drop since 2021 as crypto market melts
Cryptocurrencies reeled from a bout of risk aversion in global markets on Monday, at one point sending Bitcoin down more...
Economy
Economy
GCC steps up to diversify Europe’s natural gas supply
Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia...
- Amid the Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options
- These countries have signed several long-term agreements to supply Europe with liquefied natural gas, helping to diversify Europe's energy sources and enhance energy security
Business
Rival branches of Central Bank of Libya reunite
Libya's central bank announced that its two rival branches in the west and east are reuniting after nearly a decade...
- Libya has seen 12 years of stop-start conflict since the 2011 NATO-backed revolt that toppled strongman Moamer Kadhafi.
- The Central Bank of Libya said it has "again become a unified sovereign institution", in a statement issued by the governor and his deputy.
Business
NDF helps in financing of US$2.2bn renewable energy project
RIYADH, SAUDI ARABIA - The National Development Fund (NDF) on Sunday said it will contribute US$453 million (SAR1.7 billion) to...
- This is one of the world’s largest renewable energy projects, developed through joint venture by Saudi Aramco, Badeel and ACWA Power.
- NDF's US$453 million financing commitment has attracted local and global banking groups in the Kingdom’s high-growth infrastructure market.
Business
Iran-European Union trade reaches $2.5 billion in first half of 2023
Tehran, Iran -- Trade between Iran and the European Union member states reached 2.3 billion euros ($2.5 billion) in the...
- Iran-EU trade exchanges declined by 10 percent compared to the last year’s corresponding period.
- Germany, Italy and the Netherlands accounted for most of the export of products to Iran from January to June 2023.
Business
Bread-short Tunisia to restore flour supply to some bakeries
Since the beginning of August, European-style bakeries selling baguettes in the formerly French-ruled country had been prevented from accessing their...
- Days later those same bakeries also stopped receiving non-subsidized flour and semolina from the state, which controls the supply of all such essential goods in the country.
- Economists attribute the bread shortage partly to speculation but, more broadly, to the lack of cereals. Tunisia's debt is around 80 percent of gross domestic product.
Science
Saudi Arabian Crown Prince launches KAUST’s new strategy
RIYADH, SAUDI ARABIA - Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Prime Minister and Chairman of KAUST Board...
- Strategy aims to transform research into economically productive innovations by focusing on national priorities for research, development and innovation.
- It aims to strengthen KAUST’s partnerships with both the public and private sectors, which will contribute to achieving the objectives of Vision 2030.
Geostrategy
Hungarian companies want to expand work in Russia, says PM Orban
BUDAPEST, HUNGARY – Hungarian Prime Minister Viktor Orban said that companies from his country plan to expand their activities in...
- Hungarian Prime Minister Viktor Orban made the statement at a meeting with the head of Russia’s Tatarstan region Rustam Minnikhanov in Budapest.
- The head of Tatarstan came to Budapest at the invitation of Orban in connection with the Hungarian national holiday, St. Stephen's Day.
Economy
Carbon neutrality strategy to propel green transition
This ambitious strategy, commissioned by the ASEAN Member States and with the support from the Australia for ASEAN Futures (AUS4ASEAN)...
- The ASEAN Strategy for Carbon Neutrality aims to complement national initiatives of ASEAN Member States in meeting their Paris Agreement commitments
- The strategy, supported by AUS4ASEAN initiative, highlights the urgency of pursuing carbon neutrality to unlock the value potential of a green transformation
Economy
Indonesia president to participate in BRICS summit in South Africa
Jakarta, Indonesia--Indonesian President Joko Widodo departed for South Africa on Sunday to attend the BRICS summit in Johannesburg amid speculation that...
- Before leaving for the BRICS summit, Widodo told reporters that apart from attending the event he will also meet with other world leaders
- Launched in 2009, BRICS aims to tame Western economic domination in global affairs, much to the consternation of the Western political leadership
Economy
Iran-China cooperation at its best in various fields: envoy
Tehran, Iran-- China's ambassador to Iran has affirmed that his country's cooperation with Iran is at its best in various...
- The Chinese ambassador said there were many opportunities for cooperation with west Azarbaijan province in the areas of international trade with Europe
- He noted that a document has been signed to boost China's trade with Europe via Iran, noting that the capacities of west Azarbaijan can be used in this regard
Disparities in climate action risk worsening global economic inequality, warns new report
Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to...
Economy
Company News
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Saudi, UAE report highest levels of gross debt
Infographics
SMEs in UAE confront expense management challenges
Digital solutions, including innovative expense management platforms, may help in transforming the administrative landscape for SMEs, a latest report points...
Economy
Economic forum in Amman to enhance trade ties between Iraq, Jordan
AMMAN, JORDAN - The Iraqi Business Council, in collaboration with the Jordanian and Amman Chambers of Industry, is set to...
Business
Jordan, Tunisia to enhance trade, investment relations
AMMAN, JORDAN - The Chairman of the Amman Chamber of Commerce Khalil Haj Tawfiq has called on Jordanian and Tunisian...
Business
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Moody’s downgrades Israel’s credit rating due to Hamas conflict
Fitch -- which is the last of the big three US ratings agencies -- placed Israel on negative watch over...
- In a statement, Moody's said it had done so after assessing that "the ongoing military conflict with Hamas, its aftermath and wider consequences."
- Moody's also lowered its outlook for Israel's debt to "negative" due to "the risk of an escalation" with the far more powerful Lebanese group Hezbollah
Business
Dubai records over US$2.6bn in weeklong real estate transactions
DUBAI, UAE - A total of 3,543 real estate transactions worth over US$2.6 billion (AED9.8 billion) were conducted during the...
- A total of 3,543 real estate transactions worth over US$2.6 billion were conducted during the week ending February 9, 2024.
- A DLD report showed that 197 plots were sold for $315 million while 2,572 apartments and villas were purchased for $1.5 billion.
Business
European stocks firm as markets await US inflation data
London, United Kingdom - Europe's main stock markets steadied Friday as traders reacted to more earnings updates from top companies, while...
- Asia saw holiday-thinned trade, with investors there struggling to build on another record-setting day on Wall Street.
- While China is in holiday mode, investors are keeping tabs on Beijing, hoping for fresh measures to boost market confidence.