INSEAD Day 4 - 728x90

Economy

Samsung biggest chip investor

The tech giant invested nearly $59.2bn in 2025.

flynas to set up new hub

Five destinations in first phase of operations.

AD Ports Group acquires CLI

CLI is Brazilian agri-bulk terminal operator.

$1.59bn Makkah project awarded

A consortium will develop two districts in the Holy City.

2PointZero posts profit surge

Growth driven by merger consolidation.

US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary

Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...

Economy

World Bank announces Lebanon, Syria reconstruction projects

Beirut, Lebanon -- The World Bank announced on Wednesday it had approved $250 million to support Lebanon's post-war reconstruction and...

Economy
Business

Siemens Energy shares fall due to technical problems at wind turbine unit

FRANKFURT, GERMANY -  Shares in Siemens Energy plummeted on Friday after the company warned that technical problems at its wind turbine...
  • Siemens Energy said it was setting aside over US$1.1 billion over the coming years to fix the issues at troubled wind turbine subsidiary Siemens Gamesa.
  • Shares in Siemens Energy plunged by more than 30 percent shortly after trading opened in Frankfurt, and ended the day about 37 percent lower.
Business

UAE banks’ total capital, reserves rise to US$118.5bn by April-end

ABU DHABI, UAE - Aggregate capital and reserves of banks operating in the UAE rose by 10 percent year-on-year (YoY)...
  • National banks accounted for 86 percent of the total capital and reserves of banks operating in the UAE, which stood at US$102 billion by April-end.
  • Share of foreign banks in aggregate capital and reserves of banks operating in the UAE settled at 13.6 percent, reaching US$ 16 billion by April-end.
Business

IsDB, AFD to finance $4bn projects in developing countries

Jeddah, Saudi Arabia -- The Islamic Development Bank (IsDB) and the Agence Française de Développement have signed an agreement to...
  • The MoU was signed by the president of the Islamic Development Bank, Dr. Mohammed Al-Jasser in Vienna.
  • Al-Jasser said last year that one out of every three member states of the Islamic Development Bank (IDB) is living in poverty.
Economy

Eurozone economic growth slows sharply in June

BRUSSELS, BELGIUM -  Eurozone economic activity worsened in June to a five-month low, hit hard by a fall in industrial production,...
  • Inflation remains well above the European Central Bank's target of two percent, which will keep pressure on the ECB to keep raising interest rates.
  • The eurozone entered a technical recession at the start of the year, according to official figures published earlier this month.
Economy

Interest rate increase must to control inflation, says Federal Reserve official

A senior US Federal Reserve official said that additional interest rate hikes are needed to tackle historically high inflation. "I...
  • The Federal Reserve's benchmark now sits in a range between 5.0 and 5.25 percent - its highest level since 2007.
  • All members of the Federal Open Market Committee predicted that the bank will have to raise its benchmark further before the end of the year.
Business

Musk, Zuckerberg seek cage fight to settle differences

Months after Musk took over Twitter, Zuckerberg's Meta hinted it was planning to launch its own text-based social media platform...
  • The two men have baited each other for years with opposing views on everything from politics to artificial intelligence.
  • Musk responded angrily to a recent claim by a Meta official that there was appetite for a "sanely run" Twitter alternative.
Geostrategy

AD Ports Group signs 50-year pact with Karachi Port Trust for container terminal

ABU DHABI, UAE/ KARACHI, PAKISTAN -  AD Ports Group announced on Thursday the signing of a concession agreement with Karachi...
  • Under the terms of the 50-year concession agreement, a Joint Venture has been formed to manage, operate and develop the Karachi Gateway Terminal Limited.
  • The JV will undertake significant investments in infrastructure and superstructure over the next 10 years, with the bulk of it planned for 2026.
Economy

Bank of England hikes rate half-point even as high inflation remains

LONDON, UK -  The Bank of England on Thursday lifted its key interest rate by a half-point to five percent to...
  • The decision came one day after data showed UK annual inflation remained at 8.7 percent in May, defying expectations of a slowdown.
  • The half-point lift was in stark contrast to the Federal Reserve, which last week pressed pause on US rate hikes after a sharp easing in the country's inflation.
Economy

UAE airports receive 31.8 million passengers in Q1: CBUAE

Abu Dhabi, UAE--The UAE airports have received nearly 31.8 million passengers in the first quarter of 2023, a rise of...
  • In the UAE, the aviation sector contributes, directly or indirectly, to about 14 percent of GDP as against 2 to 3 percent in emerging markets
  • In 2022, Dubai's airport, one of the busiest in the world, received 66 million passengers, more than double the previous year
Economy

In policy about-turn, Turkey to raise rates to fight inflation, steady lira

The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new...
  • Erdogan still defends his markets-defying idea that high interest rates contribute to rising consumer prices that have been Turkey's bane for the past five years
  • The central bank is expected to change course and raise rates on Thursday after Erdogan appointed a former Wall Street executive to head the institution following his re-election

US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary

Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...
Economy

Company News

Latest News

Tunisians take to streets to protest economic woes

Head of Tunisia's trade union confederation Noureddine Taboubi said in a speech to protestors that the economic and social situation...
Economy

Qatar and China entrepreneurs explore partnerships, JVs in tech and energy

Doha, Qatar-- Businessmen and entrepreneurs from Qatar and China have discussed opportunities to set up joint ventures and commercial partnerships...
Economy

WTO conference ends with acceptance of Abu Dhabi Declaration

Abu Dhabi, UAE--The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) has concluded with the acceptance of Abu...
Economy
INSEAD Day 4- 300x600
INSEAD Day 4- 300x600

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Business

Apple’s changes contradicts European rules, 34 firms complain

Brussels, Belgium - Changes Apple is making to its services in the European Union "make a mockery" of new antitrust rules...
  • Companies have expressed doubts about how much Apple's changes would ultimately broaden consumer choice and digital competition.
  • Apple in January announced it was modifying how its iOS operating system, Safari browser and App Store operate in the 27-nation EU.
Business

Total value of Saudi Arabia’s export of dates reaches US$389m in 2023

RIYADH, SAUDI ARABIA - According to data released by the National Center for Palms and Dates (NCPD), the value of...
  • By the end of 2023, the number of countries importing Saudi Arabian dates had reached 119.
  • The total value of date and date-byproduct exports increased by 152.5 percent since 2016.
Economy

Unit 4 of UAE’s Barakah Nuclear Energy Plant commissioned

Abu Dhabi, UAE - The Emirates Nuclear Energy Corporation (ENEC) on Friday announced that its operating and maintenance subsidiary, Nawah...
  • The reactor has begun initial production of heat through nuclear fission, used for generating electricity by turning a turbine with steam
  • In the coming weeks, Unit 4 will link to the national electricity grid, entering a testing phase to gradually increase its power output to full capacity