Microsoft trims service to Israel over Gaza surveillance
San Francisco, United States - Microsoft on Thursday said it cut an Israeli defense unit's access to some cloud services...
Geostrategy
After Japanese Softbank, US Govt, Chip-maker Nvidia to buy stake in rival Intel
Shares in chipmaker Intel skyrocketed on Thursday after AI giant Nvidia announced it would invest $5 billion in its struggling...
Science
Economy
Saudi Arabia’s economy joins trillion-dollar club
The Kingdom now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness.
- The milestone was achieved ahead of the state's 2025 targets, accompanied by a remarkable growth rate of 8.7%, the highest among G20 nations
- Saudi Arabia now ranks 17th in global economic rankings and 17th out of 64 countries for global economic competitiveness
Economy
Kuwait and China sign raft of agreements to bolster ties
Looking to shore up ties between the two countries, Kuwait and China have signed cooperation agreements across a range of...
- The two leaders also discussed avenues to further strengthen ties for the mutual prosperity of the two nations
- They deliberated on regional and international developments and expressed desire to solidify strategic partnership
Business
UAE-Saudi non-oil trade reaches US$159bn in 2018-22
ABU DHABI, UAE - The volume of trade exchange between the UAE and the Kingdom of Saudi Arabia grew by...
- The volume of trade between the UAE and the Kingdom of Saudi Arabia grew by 28 percent in 2022.
- The year 2021 saw growth, reaching $33.9 billion (AED 124.65 billion), compared to $28 billion (AED 103.91 billion) in 2020.
Business
Afghan wushu fighters defy money woes to pursue Asian Games glory
Afghanistan will compete in 15 sports in Hangzhou, the country's first Asian Games since the Taliban seized power in 2021....
- The team say the Taliban authorities support sport, but there is no government financial backing for athletes
- Afghanistan will compete in 15 sports in Hangzhou, the country's first Asian Games since the Taliban seized power
Geostrategy
Iran, Djibouti resume diplomatic ties after 7 years
Iran announced the restoring of diplomatic ties with Djibouti over seven years after it joined other regional nations in severing...
- The move followed Iranian foreign minister Amir-Abdollahian's meeting with his Djiboutian counterpart Mahamoud Ali Youssouf in New York.
- Djibouti cut ties with Iran in January 2016 after attacks on Saudi missions during protests over Riyadh's execution of a Shiite cleric.
China to control half the world’s hydrogen electrolyser capacity
China's installed electrolyzer capacity has jumped significantly in recent years, and is expected to reach 1.2 gigawatts –- 50 percent...
- China's installed electrolyzer capacity has jumped in recent years and is expected to reach 1.2 gigawatts after having accounted for just 10 percent of the global capacity in 2020
- Electrolyzers are devices used for the industrial separation of hydrogen and oxygen within water molecules, using electricity obtained through renewable energy sources
Economy
Egypt’s central bank keeps interest rates unchanged
Cairo, Egypt – The Central Bank of Egypt (CBE) decided to maintain interest rates at current levels during its meeting...
- The bank kept the overnight deposit rate, overnight lending rate and the rate of the main operation at 19.25%, 20.25% and 19.75%, respectively
- The discount rate remained at 19.75%. The pause on interest rate change comes after 12-percent hikes since March 2022.
Business
ITFC collaborates with Turk Eximbank for providing joint loan of US$277m
JEDDAH, SAUDI ARABIA - The International Islamic Trade Finance Corporation (ITFC), which is a member of the Islamic Development Bank,...
- This collaboration aims to enhance trade volume among the member states of the Organization of Islamic Cooperation.
- The loan aims to support the development of small and medium enterprises' exports as well as private sector companies in Turkey.
Business
Ajman’s exports rise 19 percent in H1 2023
AJMAN, UAE – The Ajman Chamber of Commerce and Industry (ACCI) has revealed that the volume of exports from the...
- Ajman’s total exports reached US$1.2 billion in H1 2023, compared to US$1.1 billion during the same period in 2022.
- Ships and boats topped the list of exported products, followed by mineral oils, fish and steel products.
Market Report
Stocks fall after Federal Reserve says it may hike interest rates
Global stocks sank after the US Federal Reserve hinted it could hike interest rates again this year to tame inflation...
- In a move dubbed a "hawkish hold" by analysts, the Fed held borrowing costs but indicated another hike is likely in 2023 to tackle US inflation.
- Sweden's Riksbank and Norway's Norges Bank each raised their key interest rates by a quarter-point.
Microsoft trims service to Israel over Gaza surveillance
San Francisco, United States - Microsoft on Thursday said it cut an Israeli defense unit's access to some cloud services...
Geostrategy
Company News
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‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...
UN report says 1.1 billion people in acute poverty
More than one billion people are living in acute poverty across the globe, a UN Development Program report said Thursday,...
Economy
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
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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...
- Overnight in the U.S., the S&P 500 rallied 0.71 percent to end at 5,792.04
- The labor market is perhaps stronger than FED officials favoring the 50 basis point move had expected
Economy
Oil prices at risk of further increases due to potential energy disruptions
Crude oil prices soared nearly 9% last week, marking the biggest weekly gain since March 2023, following a significant escalation...
- Israeli officials stated that Israel would target Iran's oil production facilities within Iran
- Iran is one of the top 10 oil producers globally, with production exceeding 3.3m barrels per day
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.