US Fed poised for first rate cut of 2025 as political tension mounts
The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing...
Economy
MBZUAI, G42 launch K2 Think: Leading open-source system for advanced AI reasoning
Abu Dhabi, UAE -- The Institute of Foundation Models at Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and G42...
Science
Economy
Global trade finance gap grew to record US$2.5trn in 2022: ADB
The Asian Development Bank survey found that rising interest rates, flagging economic prospects, inflation, and geopolitical volatility reduced the capacity...
- With data collected from 137 banks, the survey is the world's leading barometer of trade finance health
- The Russian invasion of Ukraine was seen impacting trade finance portfolios by some 60 percent banks
Economy
China’s digital economy surged by $4 trillion from 2016 to 2022
Tianjin, China - The digital economy in China surged by $4.1 trillion from 2016 to 2022, which works out as...
- By 2022, the scale of China's digital economy had reached an impressive $6.99 trillion, constituting a substantial 41.5% of the nation's GDP
- China has established over 1,700 digital workshops and smart factories and more than 240 industrial internet platforms
Economy
Qatar’s non-energy private sector records strong growth in August
Doha, Qatar--Qatar's non-energy private sector witnessed strong expansion in August on the back of new orders in the manufacturing and...
- According to the QFC's latest purchasing managers' index (PMI) survey, the expansion rate was the third strongest so far in the current year
- QFC CEO Yousuf Mohamed al-Jaida said PMI has held steady over the past six months at a level consistent with solid economic growth
Economy
Israel suspension of Gaza exports risks ‘catastrophe’: businesses
Osama Nofal, of the Gaza economic ministry, put the value of Gaza exports to Israel and the occupied West Bank...
- Israel's army chief on Monday ordered a halt to commercial deliveries from Gaza to Israel after an alleged attempt to smuggle explosives
- The Gaza Strip has been under a crippling Israeli blockade since the Islamist group Hamas seized power in the Palestinian territory in 2007
Business
stc buys stake in Telefónica
The group invests in information, communications and technology sectors.
- The group's growth strategy has resulted in investments in the Information, Communication and Technology sectors inside Saudi Arabia and globally
- The most recent investment being the acquisition by Tawal, a subsidiary of stc Group, of United Group’s telecommunications tower assets in Bulgaria, Croatia and Slovenia
Economy
Healthcare sector in Qatar witnesses remarkable growth, says IPA Qatar
Doha, Qatar--Sustained investment in healthcare infrastructure in Qatar has seen a rapid transformation in the sector as promotion of health...
- A study carried out by IPA Qatar shows that health promotion and disease prevention underpin its commitment to ensuring the well-being of its citizens
- In the next 10 years, digital infrastructure, virtual care, remote patient monitoring and AI will account for some 30% of hospital investments in the region
Business
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another...
- Brent crude rose above $90 per barrel on the news for the first time since November, while West Texas Intermediate, the main US futures contract, jumped 1.9 percent to $87.16.
- Riyadh, the world's biggest crude exporter, first announced its cut after a June meeting of the 23-nation OPEC+ alliance, which also includes Russia.
Business
UAE announces US$4.5bn in Africa clean energy investments
Speaking at a landmark climate summit hosted by Kenya, Sultan Al Jaber, who heads the government-owned renewable energy firm Masdar,...
- The minister said the investment in Africa is aimed to develop 15 GW of clean power by 2030
- As of 2022, the continent's renewable generation capacity was 56 gigawatts, according to the IREA
Economy
G20 per capita coal emissions growing: research
According to the research published by Ember, an energy thinktank that pushes for renewable power, per capita G20 coal emissions...
- Countries such as Britain, Germany and the United States were able to significantly decrease per capita emissions
- But at the same time, other countries, including G20 host India, Indonesia and China, all saw their emissions rise
Economy
Saudi Arabia to invest $25bn over next five years: Pakistan interim PM
Islamabad, Pakistan - Pakistan's caretaker Prime Minister, Anwaar-ul-Haq Kakar, announced on Monday that Saudi Arabia plans to invest up to...
- The investment is part of a concerted effort to boost foreign direct investment in the South Asian nation
- Pakistan is believed to possess untapped mineral deposits conservatively valued at around $6 trillion
US Fed poised for first rate cut of 2025 as political tension mounts
The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing...
Economy
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US Fed chair expected to signal support for rate cuts
The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial...
Economy
Oil falls by more than $2 a barrel on Gaza ceasefire talks and weak Chinese economy
Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing...
Economy
Asia-Pacific markets mixed, dollar down Monday as Fed readies to acknowledge cuts
Asia-Pacific markets were mixed on Monday after a week that saw a broad rally in stocks, as investors awaited a...
Economy
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Economy
Crypto crime drops 19.6% as digital ecosystem matures
Advanced blockchain analysis tools, such as those provided by Chainalysis, are empowering law enforcement agencies and enterprises to counter the...
- Research by Chainalysis found that flow of crypto funds to legitimate services has reached their highest levels since 2021
- Aggregate illicit activity over the same period fell by an impressive 19.6 percent
Economy
World’s largest SWF posts $138 billion in H1 profit as AI demand boosts tech
Norway’s massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust...
- Completely different geopolitical situation now present more risks to global stocks
- The PIF, which has $977 billion in assets, reported a 2023 profit of $17.2 billion in a July 2024 filing
Business
Dubai real estate sales hit record $13.6bn in July, growth eases
Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of...
- Apartment sales, which accounted for nearly 45% of all transactions, surged by 62% year-on-year, with approximately 70% of these being off-plan sales
- The villa segment also saw a shift towards the off-plan market in the past two months, resulting in a 9.9% year-on-year growth overall