Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
Business
China manufacturing shrinks in August despite new US trade truce
Beijing, China -- China's factory output ticked up in August but still recorded a fifth straight month of contraction, official...
Economy
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.
Economy
Arab Parliament endorses call to support victims of terrorism
Cairo, Egypt-- Arab Parliament on Monday endorsed the call for victims of terrorism in the Arab world to be supported...
- The parliament said the victims of terrorism in the Arab world must be supported with money to overcome their tragedies
- The parliament expressed solidarity to coincide with the International Day of Remembrance and Tribute to the Victims of Terrorism
Economy
China cuts key interest rate to support economy
The measures, which run counter to rising interest rates around the world as other major economies work to curb inflation,...
- The one-year loan prime rate was reduced from 3.55 percent to 3.45 percent, the People's Bank of China said in a statement
- The decision is intended to encourage commercial banks to grant more loans and at more advantageous rates
Economy
UAE’s ERC unveils housing project for victims of February quake in Syria
Latakia, Syria--The Emirates Red Crescent (ERC) has inaugurated the Al Naqa housing project in the Latakia Governorate in Syria. The...
- In April the ERC had announced its intention to build 1,000 prefabricated housing units in seven areas in the Latakia Governorate for the victims of earthquake
- The governor of Latakia, Amer Hilal, expressed his gratitdue to the UAE for implementing relief projects in Syria since the early days of the earthquake
Economy
Saudi Arabia issues tax warning to businesses: Pay up or face hefty fines
Riyadh, Saudi Arabia - Saudi authorities have issued a clear warning to businesses operating within the country: settle your outstanding...
- The warning specifically targets businesses in the commercial sector that fall under the purview of value-added tax
- VAT serves as one of Saudi Arabia’s prevailing tax systems and functions as an indirect tax levied on the purchase and sale of goods and services
Global bond selloff spreads to Japan, gold hits record high
Wall Street stocks opened mostly higher, with shares in Google parent-company Alphabet shooting up nearly seven percent after winning a...
Business
Company News
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Concerns and optimism on World Environment Day as Arabian Gulf takes bold initiatives
Political and business leaders in the Arabian Gulf region push for sustainability agenda to secure clean environment for the future...
Economy
Economic outlook brightening but political risks loom large in 2024, say chief economists
Geneva, Switzerland – The latest Chief Economists Outlook released on May 29 presents a growing sense of cautious optimism about...
Economy
Egypt hikes subsidized bread price for first time in decades
Cairo, Egypt - Egypt's cabinet decided Wednesday to raise the price of subsidized bread for the first time in 30 years,...
Economy
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Economy
The Middle East fastest growing Real-Time Payments market globally
For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime...
- The region saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions
- Transaction value in the Middle East is projected to rise from US$230 billion in 2023 to US$903 billion by 2028
Economy
Asian shares mixed after Fed minutes, while Nvidia provides support
Asian markets diverged Thursday after minutes from the Federal Reserve's most recent policy meeting indicated officials would keep interest rates...
- Federal Reserve's most recent policy meeting indicated officials would keep interest rates elevated
- Nvidia showed it turned a profit of $14.9 billion in the first quarter
Business
France and UAE sign AI cooperation deal
France and the United Arab Emirates on Tuesday signed a "strategic partnership" on artificial intelligence (AI) aimed at boosting cooperation...
- In 2017, the UAE became the first country in the world to appoint a minister of state for artificial intelligence, digital economy and remote work
- In April, US tech giant Microsoft announced a $1.5-billion investment in UAE-based artificial intelligence firm G42