Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
Business
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
Business
Science
Politicians fail to understand scientific facts of climate, says expert
PARIS, FRANCE - Wavering ambition by governments and a growing belief that science is politically subjective are great causes for concern...
- Several extreme weather events have occurred in 2023, which the European Union's climate monitor says is likely to be the hottest in human history.
- These underscores the urgency of slashing planet-heating greenhouse gas emissions to avert the catastrophic impacts of greater global warming.
First migrants in a week land on Italy’s Lampedusa
Bad weather over the past week had prevented those fleeing North Africa to venture the risky Mediterranean crossing. The earlier...
- Seventeen Tunisians were admitted to the island's migrant reception center, which earlier this month was overrun after 8,500 arrived in just three days
- A little later, 38 migrants from Bangladesh arrived after their nine-metre boat was picked up off the coast by Italian authorities
More than 2,500 migrants dead or missing in Mediterranean in 2023: UN
The land journey from sub-Saharan African countries, where many of the migrants hail from, to departure points on the Tunisian...
- In total, some 186,000 people arrived by sea in southern Europe from January to September 24, landing in Italy, Greece, Spain, Cyprus and Malta
- Between January and August of this year it is estimated that more than 102,000 refugees and migrants tried to cross the Mediterranean from Tunisia and 45,000 from Libya
Lebanese children ‘miss out’ on education as crisis takes toll
Lack of funding for the school system has precipitated repeated teachers' strikes and school closures, resulting in children being increasingly...
- Public sector teachers earn the equivalent of $150 to $300 per month, while the education ministry has sounded the alarm over lack of funding
- At least 15 percent of households have pulled their children out of schools, UNICEF found in a June report, up from 10 percent a year ago
Economy
Saudi Arabia eyes global EV role following Lucid’s plant setup
Riyadh, Saudi Arabia -- Saudi Arabia aims to become a global player in manufacturing electric vehicles (EVs) and related products,...
- “The EV industry is one of 12 strategic industrial sectors covered by the National Industrial Strategy to boost the growth of industry across the Kingdom,” the minister added
- Lucid Group’s choice of Saudi Arabia as the headquarters of its plant in the Middle East reflects the importance of kingdom’s unique geographical location, he added
Geostrategy
China wants to be world’s strongest nation, says Blinken
WASHINGTON, US - China is seeking to surpass the United States as the top power in the world, US Secretary of...
- Asked at a forum about China's intentions, Blinken said, "I think that what it seeks is to be the dominant power in the world -- militarily, economically, diplomatically".
- President Joe Biden's administration, while saying it is clear-eyed on China and stepping up pressure, has also been increasing dialogue in hopes of managing tensions.
Business
UAE, Egypt central banks ink currency swap deal
ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt (CBE) on Thursday...
- The CBUAE is keen to deepen its cooperation with the CBE to positively impact the trade and investment, said the Governor of UAE’s central bank.
- This step will bolster cooperation between the financial sectors in both the currencies, said the Governor of Egypt’s central bank.
Geostrategy
Israel sells Arrow 3 missile defense system to Germany for US$3.5bn
TEL AVIV, ISRAEL - Israel's US$3.5-billion sale of its Arrow 3 missile defense system to Germany, sparked by security fears after...
- Israeli arms exports reached a new record of $12.5 billion dollars last year, double the amount from three years earlier, says its defense ministry.
- Israel, together with its top ally the United States, has developed hi-tech systems designed to knock incoming rockets and missiles out of the sky.
Market Report
UAE markets top Arab stock exchanges in trading, says AMF
ABU DHABI, UAE - The financial markets of the United Arab Emirates topped the Arab stock exchanges during last week's...
- The AMF said that the UAE markets achieved monthly market gains of over US$6.2 billion.
- The fund said the market capitalization of the Saudi Financial Market reached US$2.97 trillion.
Technical glitch stifles production at Volkswagen
According to financial daily Handelsblatt, production came to a complete standstill in Wolfsburg and at the company's plants in Emden,...
- The disruption began at 12:30 pm (1030 GMT) and had still not been resolved by the evening, Volkswagen said
- The cause of the technical problems was not known but "an external attack is unlikely to be the cause", German automaker said
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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
Stocks climb eyeing US rate cut, political turbulence
A steep downward revision to US job creation cemented expectations that the Federal Reserve would begin lowering its benchmark rate...
Business
Company News
Latest News
Asian markets track Wall Street losses on worries over tech rally
Hong Kong, China- Asian markets mostly fell on Wednesday after a tech-led sell-off on Wall Street fueled by worries about the...
Economy
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 gain ahead of US inflation data
Asia-Pacific markets traded higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial...
Economy
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Economy
Crude could spike by US$20 on Iran oil shock
Oil prices could shoot up US$20 per barrel if Iranian production sees a hit resulting from Israeli retaliation, according to...
- ...if Iranian production sees a hit resulting from Israeli retaliation, said Goldman Sachs
- Iran produces almost four million barrels of oil per day, an estimated 4% of the world’s supply.
Economy
Sub-Saharan Africa: Nigeria takes #2 spot in global crypto adoption
Sub-Saharan Africa accounts for the global cryptocurrency economy’s smallest share, representing 2.7% of transaction volume worldwide between July 2023 and...
- Between July 2023 and June 2024. Sub-Saharan Africa received around US$125 billion in on-chain value
- About 70% of African countries face an FX shortage, and businesses struggle to get access to the dollar
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...
- The current federal funds rate stands at 4.75%-5%
- Sentiment among large non-manufacturers in Japan improved, inching up to +34 from +33 in Q2