Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reportedChina’s consumer price index climbed 0.3%...
Economy
US Federal Reserve keeps interest rates at 23-year high
Washington, United States - The US Federal Reserve on Wednesday held interest rates steady for a sixth straight meeting, keeping the...
Economy
Economy
Qatar Airways’ profits fall
Its net profit dropped 21% to US$1.21bn in 2022-2023.
- The airline posted profit fall in spite of the rise in revenues to $21 billion and passenger numbers going up 71 percent to 31.7 million for the year
- The carrier flew some 1.4 million fans to Qatar for the World Cup and yet the airline did not give any explanation for the lower profits in the fiscal year
Business
Markets down after Chinese data flops, EU oil prices decline
London, United Kingdom - Stock markets retreated Wednesday on poorly-received Chinese data, as investors looked ahead to the reopening of Wall...
- All eyes later will be on the release of minutes from the US Federal Reserve's June policy meeting.
- The minutes will be followed Friday by closely-watched US jobs data, a key guide to the state of the world's top economy.
Business
UAE FDI inflows record highest ever jump in 2022: UN report
The country received the fourth largest number of greenfield projects (997), an 84 per cent increase, behind only India (1008),...
- In West Asia, FDI fell by 14 per cent to $48 billion, despite strong activity in greenfield projects and cross-border Mergers and Acquisitions (M&S).
- Global foreign direct investment (FDI) flows in 2022 declined by 12Â percent to $1.3Â trillion, after nosediving in 2020 and rebounding in 2021.
Economy
Turkey’s inflation rate slows to 38.2 percent in June
According to the TUIK state statics agency, the rate slowed from 39.6% in May. But a separate study released by...
- Many economists are warning that inflation will start growing faster because of the spending pledges made by President Erdogan during May's election
- Since Erdogan extended his rule into a third decade in a hard-fought runoff election on May 28, the lira has lost more than 23% of its value against the dollar
Business
SRTIP-SOTI merger to boost UAE’s knowledge economy
"The time is right to reach higher and underscore Sharjah’s position as a leading global destination for innovation, business, and...
- Merger of SRTIP and SOTI will form an independent Free Zone Authority, enhancing the UAE's knowledge economy and entrepreneurial status
- The merger will unlock the potential of Sharjah's technology and innovation sector and solidify the UAE as a global business and entrepreneurship destination
Geostrategy
Iraqi president presses for closer trade and energy ties with Iran
Baghdad, Iraq-- Iraqi President Abdul Latif Rashid has emphasized the need for reinforcing partnership with Iran in the fields of...
- Iraq's president highlighted the importance of forging closer ties with Iran in a meeting with an Iranian delegation visiting Baghdad
- He applauded Iran for the restoration of ties with countries in the Middle East and the resumption of diplomatic relations with Saudi Arabia
Economy
Egypt to pour US$1.8bn into offshore gas exploration program
Vienna, Austria-- Egypt plans to drill new gas wells in the Mediterranean Sea and the Nile Delta as part of...
- According to its petroleum minister, Egypt will develop fields in the Mediterranean Sea, Nile Delta, and Western Desert to boost its production capacity
- The offshore exploration involves companies such as Eni, Chevron, ExxonMobil, Shell and BP, aiming to drill 35 exploratory gas wells until July 2025
Economy
Central Bank of Bahrain Sukuk Al-Ijara oversubscribed
Manama, Bahrain - The Central Bank of Bahrain (CBB) has announced that the monthly issue of the short-term Islamic leasing...
- The Sukuk Al-Ijara has a maturity period of 182 days, starting on July 6, 2023 and maturing on January 4, 2024
- Earlier in June, the CBB said that the issue of the 4-year Government Development Bond was oversubscribed by 415 percent
Economy
Sheikh Hamdan launches first phase of waste-to-energy project
Making a strong push for transition to a green economy by building a clean energy infrastructure, Dubai saw the launch...
- The world's largest and most efficient plant built at a cost of $1.08 billion features advanced technologies with no adverse environmental impact
- Sheikh Hamdan said Dubai's has speeded up its transition to a green economy and transform itself into one of the world's most sustainable cities
Investigation
Egyptians caught in devastating economic storm
Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into...
- Egypt's economy is grappling with a myriad of challenges, including rising inflation, currency depreciation and high debt. TRENDS delves into the depths of the crisis
- While external factors like Russia-Ukraine crisis have hit Egypt, GCC countries have extended support, emphasizing the need for structural reforms and privatization
Asia markets mixed as investors assess China inflation data
Asia-Pacific markets were mixed Monday as investors assessed China’s stronger-than-expected April inflation data, CNBC reportedChina’s consumer price index climbed 0.3%...
Economy
Company News
Latest News
China’s economic recovery stalls as growth flags
The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as...
Business
Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...
Economy
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...
Business
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Geostrategy
Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...
- Chabahar Port, Iran's sole oceanic port on the Gulf of Oman, holds strategic importance both strategically and economically
- In May 2016, India, Iran, and Afghanistan signed a trilateral agreement for the Chabahar port, facilitating New Delhi's access to Kabul and Central Asia
Economy
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
- The ministry had previously directed licensed recruitment companies and offices to set the upper limit for the costs of recruiting domestic worker services from some nationalities
- The decision comes within the framework of the ministry’s effort to develop all services, improve the labor market environment and enhance its attractiveness
World Economic Forum
IMF chief at Davos: AI holds risks, opportunity for global economy
Artificial intelligence poses risks to job security around the world but also offers a "tremendous opportunity" to boost flagging productivity...
- "We must focus on helping low-income countries in particular to move faster to be able to catch the opportunities that artificial intelligence will present," Georgieva told AFP.
- Georgieva said 2024 is likely to be "a very tough year" for fiscal policy worldwide, as countries look to tackle debt burdens accumulated during the Covid-19 pandemic.