Trump announces steep new tariffs on pharmaceuticals, big-rig trucks, furniture, reviving trade war
US President Donald Trump announced Thursday punishing tariffs on pharmaceuticals, big-rig trucks, home renovation fixtures and furniture, reviving his global...
Economy
Stocks rise on $5 billion Nvidia-Intel deal, Fed rate cut
Nvidia announced a $5 billion investment in struggling US rival to jointly develop chips for PCs and data centers. The...
Business
Geostrategy
RAKEZ team wraps up roadshow to boost trade in China’s Guangdong province
RAS AL KHAIMAH, UAE - A delegation from Ras Al Khaimah Economic Zone (RAKEZ), led by Group CEO Ramy Jallad,...
- The RAKEZ delegation aims to foster deeper ties with local enterprises, prominent trade associations and key government entities.
- The delegation hosted business forums across Guangzhou, Shenzhen and Dongguan cities, highlighting the prospects of the Middle East market.
Syria’s Bashar Al-Assad visits China seeking funds
China becomes one of only a handful of countries outside the Middle East that Assad has visited since the 2011...
- The Syrian President arrived Thursday in the eastern city of Hangzhou, where he will attend the opening ceremony of the Asian Games on Saturday
- Asad's Air China plane was greeted on the tarmac by jubilant music and rows of performers wearing colourful costumes, as Chinese and Syrian flags flapped in the sky
Economy
GCC countries hold interest rates following US Fed decision
Abu Dhabi, UAE -- In the wake of the US Federal Reserve's decision to maintain its interest rates, GCC countries,...
- The US Federal Reserve, on Wednesday, voted to keep interest rates at a 22-year peak, suggesting that these rates might need to persist at these highs to tame inflation.
- The CBUAE will continue to set the rate for short-term liquidity borrowing at 50 basis points above the Base Rate.
Turkey expected to hike interest rate to 20-year high
The mercurial Turkish leader performed one of his trademark policy reversals after winning a difficult re-election in May. The vote...
- Erdogan called high rates "the mother and father of all evil" and spent years pushing the central bank to lower borrowing costs to speed up economic growth
- Inflation rate approached 60 percent in August and is climbing much faster than projected by Erdogan's new economic team of former Wall Street executives
Business
Sharjah Chamber to host two-day Gulf-Iraq Business event
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) said it is likely to host the first Gulf-Iraq...
- The theme of the event is “Partnership for a Promising Economic Future”, and is expected to present multiple investment opportunities.
- The Chamber hopes the event starts new wave of economic, trade, and industrial relations between the GCC countries and Iraq.
Geostrategy
Belt and Road Initiative countries expect more cooperation ahead of China-Arab expo
YINCHUAN, CHINA - In the run-up to the sixth China-Arab States Expo, guests from countries and regions along the Belt...
- Morocco was the first country in North Africa to sign the Belt and Road cooperation document with China.
- Since then, the two countries have maintained close political, economic, and cultural connections.
Economy
AI and LLMs poised to transform global job landscape
About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World...
- About 23% of global jobs will transform within five years due to LLMs and AI advancements, according to the World Economic Forum's 'Future of Jobs Report 2023'
- Jobs like Credit Authorizers, Management Analysts, and Telemarketers face high automation risks, while Insurance Underwriters and Bioengineers offer brighter future
Economy
Stocks diverge as oil hits 10-month high of above $95 per barrel
Brent North Sea crude oil traded above $95 per barrel Tuesday for the first time since November last year, supported...
- The Federal Reserve is seen keeping interest rates on hold Wednesday but is expected to be cautious over the outlook as crude pushes higher.
- In Asian trading, Hong Kong managed a gain while Shanghai was flat. In Europe, London and Paris were in the green while Frankfurt was lower.
Business
Airports Council International sets up first office in Riyadh
Riyadh, Saudi Arabia-- The Airports Council International (ACI) for Asia-Pacific and the Middle East has established its first office in...
- The office was inaugurated by the kingdom's Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation, Saleh Al-Jasser
- He said that the opening also aligns with the strategy aimed at strengthening air connectivity with countries worldwide, reaching 250 international destinations
Economy
There’s a link between health and climate change
“As we prepare for the groundbreaking Health Day at COP28, we are resolute in our determination to address the challenges...
- At the heart of the COP28 discussions, the UAE, represented by Dr. Sultan bin Ahmed Al Jaber, emphasizes the undeniable link between climate change and health
- COP28 seeks to spotlight the fragility of global health systems, the financial implications of climate-induced health crises, and the urgent need for transformative changes
Trump announces steep new tariffs on pharmaceuticals, big-rig trucks, furniture, reviving trade war
US President Donald Trump announced Thursday punishing tariffs on pharmaceuticals, big-rig trucks, home renovation fixtures and furniture, reviving his global...
Economy
Company News
Latest News
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
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...
Economy
Most Read
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
Economy
Riyadh leads Saudi Arabia’s date production with record sales
Riyadh, Saudi Arabia - Riyadh is currently hosting the third Seasonal Dates Exhibition, a major economic, social, and tourist event....
- Recent stats confirm Riyadh's leading role in date production, boosting Saudi Arabia's self-sufficiency rate to 124%
- The Riyadh region alone accounts for 436,000 tons of the Kingdom's total annual production of over 1.6 million tons