25 countries suspend postal services to United States over tariffs: UN
The Trump administration said late last month that it will abolish a tax exemption on small packages entering the United...
Economy
India’s Modi dangles tax cuts as US tariffs loom
Mumbai, India -- Indian Prime Minister Narendra Modi's push to slash consumption taxes on everyday goods could deliver billions of...
Economy
Economy
Global food prices drop in August: FAO
Led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations revealed that its...
- Its Cereal Price Index dropped by 0.7% from July and International wheat prices dipped by 3.8% in August
- But in contrast, the FAO All Rice Price Index climbed up by 9.8% from July to reach a 15-year nominal high
Economy
Deadliest quake in decades kills over 1,000 in Morocco; rescue bid is on
Following the devastating earthquake in Morocco on Saturday that killed more than 1,000 people so far, the UAE, Iran, Iraq,...
- Tremors felt in major cities including Rabat, Casablanca, and Essaouira, say reports
- International leaders, including UAE President, extend condolences and offer aid.
Geostrategy
UAE President, Indian Prime Minister discuss strengthening bilateral, trade ties
NEW DELHI, INDIA - UAE President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi met to...
- The meeting was held on the sidelines of the 18th Group of 20 (G20) Heads of State and Government Summit in New Delhi.
- The two sides also exchanged views on various regional and international developments of mutual interest.
Business
Jordan-ASEAN Economic Forum to be held in March 2024, says ACC
AMMAN, JORDAN - Chairman of the Amman Chamber of Commerce (ACC) Khalil Haj Tawfiq said the Jordanian Economic Forum with...
- ACC will host the forum, in cooperation with Malaysia, Indonesia, the Philippines, Thailand and Sultanate of Brunei.
- Trade exchanges between Jordan and ASEAN grew by 42 percent during 2022, compared to 2021, ACC's statistical data said.
Economy
Data, rail, electricity key focus as G20 eyes EU-Middle East-India trade plan
Major G20 partners are set to unveil ambitious plans on Saturday to enhance trade among India, the Middle East, and...
- Washington, Saudi Arabia, the EU, the United Arab Emirates and others will sign the deal on the sidelines of the G20 summit in New Delhi
- Washington actively prods Riyadh - a major oil producer and security partner - to normalize ties with Israel after decades of conflict and closed borders
Geostrategy
With no deal in place with Ukraine, Russia starts grain supply initiative
Moscow, Russia - Russian Deputy Foreign Minister Sergey Vershinin has confirmed the commencement of the implementation of the Russian grain...
- The initiative was initially proposed by Russian President Vladimir Putin, who pledged to provide one million metric tons of grain at a preferential price
- Vershinin stated that practical steps are now being taken, including communication with the involved parties to establish a trilateral agreement
Geostrategy
‘Qatar leads the charge in food security initiatives’
Several ministers of agriculture and food security from UN's Food and Agriculture Organization member states at the event discussed key...
- Qatar plays a major role in advancing food security at local, regional, and global scales, says Qatar’s Municipality Minister
- The country's key initiatives include dairy cow importation, poultry self-sufficiency, and innovative greenhouse techniques
Geostrategy
West blocked Russian assets worth $280bn, says US treasury
Washington, US - The REPO (Russian Elites, Proxies and Oligarchs) task force, set up to search and freeze Russia-related assets, estimates the...
- “The total value of assets is estimated at around $280 billion, the majority of which is held in the European Union,” the US Department of the Treasury said.
- Reportedly, the task force has completed its “initial effort to map and account for Russian sovereign assets that are immobilized and held in REPO member jurisdictions".
Economy
Iran receives US$6.7bn foreign investment in May 2023 EXPO, says official
TEHRAN, IRAN - Foreign companies and governments committed some US$6.7 billion worth of investments during an exhibition that was held...
- The Iranian diplomat said that his country has an ambitious vision to diversify its economy away from crude oil revenues.
- He said that this includes expanding the transportation infrastructure in Iran to significantly increase its cargo transit revenues.
Economy
Global rice prices hit 15-year high after India curbs: FAO
Rice is a major world food staple and prices on international markets have soared in the wake of the Covid...
- The consumer affairs and food ministry said at the time that the move would "ensure adequate availability" and "allay the rise in prices in the domestic market".
- The ban was expected to hit African nations, Turkey, Syria and Pakistan, all of which were already struggling with high inflation, data analytics firm Gro Intelligence said.
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25 countries suspend postal services to United States over tariffs: UN
The Trump administration said late last month that it will abolish a tax exemption on small packages entering the United...
Economy
Company News
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Saudis reform Investment Law in bid to attract foreigners
Saudi Arabia announced new business regulations aimed at boosting transparency and easing the process of investing in the kingdom as...
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
Fed Chair Powell confirms September rate cut signal
The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation...
Economy
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Economy
Pre-tax net profit of Dubai Financial Market rises 74% to $53m in H1 2024
Dubai, Saudi Arabia - Dubai Financial Market (DFM) today announced its consolidated financial results for the period ended June 30,...
- The first half of 2024 saw an increase in trading activity, higher trade values, and a wave of new investors
- Market capitalization of DFM listed companies stands at AED 679 billion (USD 184.8 billion) in the period
Economy
GCC countries host nine million Indians, UAE alone home to 3.55 million
New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million,...
- Indians are employed in a wide range of professions from highly qualified fintech, healthcare, information technology, engineering and banking to blue collar jobs
- Within the GCC, the most popular destination for Indian job seekers is the UAE, which hosts 3.55 million Indians, followed by Saudi Arabia, with 2.64 million Indians
Economy
Asian markets battle to recover from tech rout after reassuring US data
Asian traders struggled to fight back Friday after a tech-fuelled sell-off, taking heart from forecast-beating US growth data that reassured...
- Figures showing the US economy expanded far more than expected in the second quarter
- Attention now turns to personal US consumption expenditure figures, due later today