US says tariff deadline of Aug 1 is firm, no extensions
Washington, United States -- The US deadline of August 1 for imposing tariffs on its trading partners is firm and...
Economy
UK starts online checks to stop children accessing harmful content
London, United Kingdom -- New UK age verification measures to prevent children accessing harmful online content came into force on...
Geostrategy
WTO head ‘less optimistic’ for world trade due to Red Sea strikes
World Economic Forum
World Economic Forum foresees ‘significant economic slowdown’
World Economic Forum
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
Geostrategy
French envoy to hold talks with Lebanese leaders to end divisions
Amid continuous divisions plaguing the country, France's new envoy for Lebanon, Jean-Yves Le Drian, landed in Beirut to hold talks...
- French President Emmanuel Macron appointed the former foreign minister as special envoy to Lebanon earlier this month
- For months, the international coomunity has exhorted Beirut to elect a new leader capable of enacting reforms
Economy
UAE government unveils next generation of ‘future design tools’
Dubai, UAE--The UAE has unveiled what it calls as the next generation of future design tools, enabling government entities to...
- The network released a guidebook that will be a reference for national institutions to craft initiatives aligning with global transformation trends
- The platform will encourage government entities to adopt future-proof practical projects, prioritize future-supporting projects and support cooperation
Economy
UAE banking system maintained stable funding in Q1 of 23: CBUAE
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) has noted with satisfaction the persistent credit appetite of...
- The apex bank noted the strong liquidity and funding positions of the UAE banking system in the first quarter of 2023, supported by strong deposit growth
- It revealed that the net NPL ratio moderated from the peak during the Covid-19 pandemic to 2.9 percent in Q1, showing a rise in credit growth and a fall in NPLs
Economy
Dubai International Chamber opens new office in Johannesburg
Dubai, UAE - Dubai International Chamber, one of the three chambers operating under Dubai Chambers on Wednesday marked the official...
- The new office further strengthens the UAE’s growing trade links with Africa and will seek to boost the level of bilateral investments between Dubai and South Africa
- A total of 777 South African companies were registered with Dubai Chamber of Commerce by the end of 2022, representing growth of 77 percent since 2016
US says tariff deadline of Aug 1 is firm, no extensions
Washington, United States -- The US deadline of August 1 for imposing tariffs on its trading partners is firm and...
Economy
Company News
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
World Economic Forum
Latest News
WTO head ‘less optimistic’ for world trade due to Red Sea strikes
World Economic Forum
Despite oil riches, Libyans hit by plummeting purchasing power
Libya earns around $20 billion per year in net revenues from oil and gas exports, which accounts for around 95...
European tourists make a beeline for Sharjah as 400,000 visit in 2023
Sharjah, UAE-- Nearly 400,000 visitors from Europe have traveled to Sharjah during last year, marking a notable 28 percent increase...
Economy
Dubai Chambers, DP World partner to lure global investment to the emirate
Dubai, UAE--Dubai Chambers has signed a memorandum of understanding (MoU) with DP World to enable the chambers to leverage DP...
Economy
Most Read
Business
Over 105m people visit Dubai Mall in 2023
DUBAI, UAE – Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on...
- Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone.
- The mall's events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic.
Economy
Saudi Arabia’s Purchasing Manager’s Index rises to 57.2 points in Feb
RIYADH, SAUDI ARABIA - The seasonally adjusted Riyadh Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The PMI is a weighted average of five indices – new orders, output, employment, suppliers’ delivery times, stocks of purchases.
- In January, the index reached its lowest level in two years, indicating a strong but weaker improvement in Saudi non-oil private sector.
Economy
Ireland wants to be a gateway for UAE, Gulf states to EU market: Irish minister
Abu Dhabi, UAE--Ireland wants to become a gateway for the UAE and other Gulf states to the European Union (EU)...
- The minister said that Ireland wants the UAE, and indeed others in this region like Saudi Arabia and Kuwait, to see it as a gateway into the EU market
- Close to16,000 Irish citizens work in the GCC, mostly in the UAE, across various sectors such as education, healthcare, business, banking and hospitality