Trump says semiconductor tariffs coming soon
"I'll be setting tariffs next week and the week after, on steel and, I would say, chips. Chips and semiconductors,...
Economy
Plastic pollution treaty talks in disarray as dozens of countries reject draft text
Geneva, Switzerland - Attempts to finalise a landmark treaty combating plastic pollution descended into disarray on the penultimate day on...
Economy
Business
Stocks advance but traders wary of US rates outlook, China concerns
The gains, including a jump in US tech stocks, "looked more like a correction than a reaction to fresh news,...
- The gains followed a mixed showing on Monday as investors tried to turn the tide of losses that have swept over markets in recent weeks.
- Markets globally have struggled this month on the prospect that the US Federal Reserve will hike borrowing costs once more.
Business
RAKEZ witnesses 35 percent growth in holding company registrations
RAS AL KHAIMAH, UAE - Ras Al Khaimah Economic Zone (RAKEZ) reported a remarkable surge in the registration of holding...
- Holding companies can benefit from the UAE's favorable tax environment, a key factor boosting global investors' appeal.
- This structure offers enhanced protection against potential risks and legal claims, an essential feature in today's complex business landscape.
Economy
CBUAE foreign assets inch up to US$161.22bn in June
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has revealed that its total foreign assets increased to...
- According to the apex bank, foreign securities were down to $45 billion from $46.56 billion at the end of June,, with other foreign assets up to $17.27 billion
- The monetary base, according to the CBUAE, grew by 0.1%, climbing from $169.20 billion at the end of May 2023 to $169.42 billion at the end of June 2023
Economy
Saudi Arabia’s output cut stabilizes global oil market
The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent...
- The market has raised prices in response to Saudi production cuts, anticipating tighter supplies. This shows producers' efforts to prevent oil prices from dropping significantly
- Reducing production may not suffice if demand falls. However, diversifying the economy beyond oil is likely to benefit all sectors by mitigating risks, says a market expert
Economy
Syrians rally against poor economic conditions in government-held areas
Beirut, Lebanon - Hundreds of demonstrators took to the streets again on Monday in Syria's southern city of Sweida, local media...
- Days of rare protests have erupted in the south after the government lifted fuel subsidies last week, dealing a blow to Syrians.
- "We've had enough, the Syrian people are suffocating," one activist in Sweida said on condition of anonymity for security reasons.
Business
Sukoon Insurance sets up OIWSS
Aim is administration of Employee Money Purchase schemes.
- OIWSS has established a partnership with Intertrust Group.
- OIWSS will be the trustee and the operator of this scheme
Business
Soniqs wins PUBG Global Series 2 Crown
It claimed $600,000 prize at Gamers8 - The Land of Heroes.
- Saudi team Twisted Minds came in second and earned US$260,000.
- Question Mark, the Russian team, finished third and got US$162,000.
Business
Generative AI likely to supplement than destroy jobs: ILO
Geneva, Switzerland -- Generative Artificial Intelligence (AI) is more likely to augment than destroy jobs by automating some tasks rather...
- An International Labour Organization (ILO) study has found most jobs and industries are only partly exposed to automation and are more likely to be complemented by Generative AI.
- It suggests this new wave of technological transformation could offer important benefits for developing countries.
Market Report
European stocks rise, China rate cut fails to ease worries
European stocks rebounded but Asian markets ended mixed after a Chinese rate cut failed to reassure investors. At midday, Paris...
- There are concerns that the US Federal Reserve could raise interest rates further and keep them elevated for longer.
- Focus turns this week to a symposium of top central bankers and business leaders at Jackson Hole, Wyoming, with dealers hoping for guidance on rates.
Business
Abu Dhabi Chamber inks MoU with Ethiopian Investment Commission
ABU DHABI, UAE - The Abu Dhabi Chamber of Commerce and Industry has signed a Memorandum of Understanding with the...
- The MoU also aims to establish a framework for cooperation that advances trade, investment and economic relationships between the UAE and Ethiopia.
- The signing of the MoU was held on the sideline of the UAE delegation's visit to the Federal Democratic Republic of Ethiopia.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Trump says semiconductor tariffs coming soon
"I'll be setting tariffs next week and the week after, on steel and, I would say, chips. Chips and semiconductors,...
Economy
Company News
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Goldman Sachs, Mubadala ink pact
Business
MENA’s rising debt: A cause for global concern
MENA's debt-to-GDP ratio surged 23% in 6 years due to pandemic fallout, with only 8 of 19 countries returning to...
Economy
Europe reverses course on interest rates, diverging from U.S. Fed policies
For much of the past two years, policymakers on both sides of the Atlantic raised interest rates aggressively to fight...
Economy
Business and leisure combo drives GCC tourism boom
Business travelers worldwide are drawn to the GCC countries due to their rapidly growing economies, strategic geographic locations, and ambitious...
Business
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Economy
Oil prices surge, Asian markets fall following Iran explosions
Oil prices surged more than three percent in early Asian trade, and Asian stock markets slumped by over 3 percent...
- West Texas Intermediate jumped 4 percent to $86 and Brent rose 3.9 percent to $90.5
- Asian stocks tumbled Friday, with Japan’s Nikkei slumping as much as 3.5 percent
From sand dunes to boardrooms: Strategies for success in challenging times
"Leadership teams must recognize that the livelihoods of their employees' families hinge on the stability of the business. Understanding that...
- When there is a significant decline in economic activity over a long period of time, retaining employees and attracting new talent also becomes difficult
- In smaller or medium-sized organizations, equipping your teams with the skills and knowledge to pivot products, services, and methodologies is crucial for instilling confidence
Economy
Low-pressure system eases over UAE: Dubai Airport delays remain
The Ministry of Interior has announced the end of the low-pressure weather system that wreaked havoc for many Dubai International...
- The UAE recorded its heaviest rainfall in the 75 years
- Dubai International Airport, a major travel hub, is barely functional