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
US Fed set for first rate cut of 2025 as Trump pressure looms
The US Federal Reserve is poised to make its first interest rate cut of 2025 on Wednesday, but it battles...
Economy
Economy
People’s Bank of China cuts bank reserve ratio again to aid recovery
Beijing, China - The People's Bank of China (PBOC) on Friday unveiled its decision to trim the reserve requirement ratio...
- The move marks the second significant RRR reduction by the PBOC this year
- Institutions already operating with a 5% RRR are exempted from this change
Analysis
Deals with India add pace to Saudi diversification
Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and...
- Riyadh and New Delhi set a new benchmark in global trade and cooperation with 53 deals across diverse sectors and plans for an economic corridor from India to Europe
- Trade between Saudi Arabia and India, valued at US$52 billion, and India's rising economic prominence position makes New Delhi a key strategic partner for the Kingdom
Geostrategy
Diverse business models needed for trade with China, say Union of Arab Chambers
BEIRUT, LEBANON – The secretary general of the Union of Arab Chambers has called for diversified business models to facilitate...
- The secretary general of the Union of Arab Chambers said there was a rise in the variety of goods traded between China and the Arab world in recent years.
- Arab nations and China cannot simply rely on the traditional pattern of cooperation that emphasizes on imports and exports of products.
Geostrategy
Relations with Iran will be strong, says Saudi envoy
TEHRAN, IRAN - Saudi Arabia's Ambassador to Iran Abdullah bin Saud al-Anzi has said that relations between the two countries...
- The Saudi envoy expressed satisfaction with his country's ties with Iran and the two sides' resumption of bilateral diplomatic relations.
- He said that any pact between Saudi Arabia and Iran will lead to the enhancement of peace and security in the entire region.
Economy
Gulf banks to maintain resilience despite challenges, says S&P Global
According to the credit rating agency, a combination of higher interest rates and production cuts by the OPEC is expected...
- The report estimated that the GCC banks will report stronger profitability in 2023
- The rating agency expects Saudi banks to achieve a return on assets of 2.2% in 2023
Economy
70% of jet fuels at EU airports will have to be green by 2050
Brussels, Belgium--On Wednesday, Members of European Parliament (MEPs) approved a new law to increase the uptake of sustainable fuels, such...
- The EU is looking to prod the aviation sector to use sustainable aviation fuels in order to cut emissions
- Sustainable aviation fuels will include synthetic fuels, certain biofuels produced from agricultural or forestry residues
Global aid effort intensifies for flood-stricken Libya
Military transport aircraft from Middle Eastern and European nations, along with ships, have been ferrying emergency aid to the North...
- UN has pledged $10 million to support Libya's survivors, including at least 30,000 people it said had been left homeless in Derna
- Abdel Fattah al-Sisi, the president of Libya's neighbor Egypt, ordered "the establishment of shelter camps" for survivors of the Libyan disaster
Geostrategy
UN Chief to hold meetings with Lavrov, Zelensky, Erdogan to discuss grain deal
New York, UN - The United Nations Secretary General Antonio Guterres will discuss the revival of the grain deal with...
- Antonio Guterres noted that he will hold separate contacts with the representatives of the Russian Federation, Ukraine and Turkey
- Russia on July 17 pulled out of grain deal, which was reached a year ago to ensure safe exports of Ukrainian grain across the Black Sea
Economy
UAE and Iraq to deepen economic, cultural, energy cooperation
Baghdad, Iraq-- The UAE and Iraq have held discussions to boost economic, investment, educational, cultural, agricultural, food, technological, and energy...
- The officials from both countries discussed deepening economic, investment, educational, cultural, agricultural, food, technological, and energy cooperation
- Khalifa Shaheen Al Marar, UAE Minister of State, noted the importance of utilizing the joint committee meetings to explore new opportunities for reinforcing economic growth
Economy
UAE and OECD host regional forum on global minimum tax
Dubai, UAE – The United Arab Emirates and the Organization for Economic Co-operation and Development (OECD) on Wednesday hosted regional...
- Global Minimum Tax involves application of a top-up tax on profits when the effective tax rate is below the minimum rate of 15 percent
- The forum included a workshop on Pillar 2 of the OECD-led Base Erosion and Profit Shifting Project and the Global Anti-Base Erosion Rules
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
Company News
Latest News
Middle East & North Africa: Regulatory momentum and DeFi fuel crypto adoption
The Middle East & North Africa (MENA) region ranks as the seventh-largest crypto market globally in 2024, with an estimated...
Economy
Lebanon flights suspended as Hezbollah-Israel tensions continue to spiral out of control
Major airlines such as Emirates, Qatar Airways and Air France have suspended growing numbers of flights to Lebanon as tensions...
Economy – the biggest loser in the Israeli-Arab war
The sheer scale of destruction from the deadliest war in Gaza's history has made the road to recovery difficult to...
Economy
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Economy
What a Fed rate cut could mean for the world
The U.S. Federal Reserve is on Wednesday heading for its first interest rate cut since the onset of the COVID-19...
- Global markets brace for the first rate cut by the Federal Reserve this week
- High level of uncertainty around whether it will cut by 25 basis points or 50
What are the needs and challenges of an ageing workforce?
Age bias in the world of work is real. But it is more complex and nuanced than the common narrative...
- Age bias in the world of work is real, but it is more complex and nuanced than the common narrative around ageism.
- These hidden struggles, coupled with a higher rate of rejection than among other applicant pools, can trigger a dangerous descent into a resignation mindset
Economy
Residential, hospitality sectors drive Saudi Arabia’s real estate market in H1 2024
The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as...
- Residential sale prices experienced 10% year-on-year increase in H1 in Riyadh and average rents grew by 9% annually
- In Jeddah, the pace of growth was slightly slower, with sale prices rising by 5% and rents increasing by 4% year-on-year during the same period