US Fed chair signals no rush for rate cuts despite Trump pressure
The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," said Federal...
Economy
Trade war worsens foreign investment outlook: UNCTAD World Investment Report
Presenting the annual report at a press conference, UNCTAD chief Rebeca Grynspan said it contained a "clear and urgent" message...
Economy
Gas, infra deals inked as Qatar emir holds Baghdad talks with Iraq PM
Sheikh Tamim bin Hamad Al-Thani was welcomed by Prime Minister Mohamed Shia al-Sudani at the airport, images broadcast on Iraqi...
- The two sides signed agreements on oil and gas supply to Iraq, the establishment of a joint oil company and the construction of a refinery
- Iraq's National Investment Authority also signed agreements with the Qatari firms working in the property and construction sectors
Sudan war death toll surges past 2,000 as fighting enters third month
Since April 15, the regular army headed by Abdel Fattah al-Burhan has been locked in fighting with paramilitary Rapid Support...
- In long-troubled West Darfur state, the violence killed Governor Khamis Abdullah Abakar, hours after he made remarks critical of the paramilitaries in a telephone interview
- Miller said up to 1,100 civilians have been killed in West Darfur's capital, El Geneina, alone, while the @UN is reporting more than 273,000 have been displaced from the region
Xi Jinping meets with ‘old friend’ Bill Gates in Beijing
Gates -- one of the world's richest men -- is the latest in a string of Western business leaders to...
- The visit is Gates' first to China in four years, and included a rare sit-down between the Chinese head of state and a foreign business leader
- A state media readout also quoted Gates as praising China's efforts in "tackling the Covid-19 pandemic, setting a good example for the world"
Economy
Phase out fossil fuels to avoid climate catastrophe
Limiting global temperature rise to 1.5 degrees Celsius is still possible but will require a 45 per cent reduction in...
- UN Secretary-General António Guterres urges a 45% cut in carbon emissions by 2030 to limit global temperature rise to 1.5°C
- Current policies could lead to a 2.8°C temperature rise by the end of the century, posing a catastrophic threat, adds Guterres
Pause, hike, cut: Central banks diverge over regional challenges
The Bank of Japan (BoJ) has gone against the grain set by the Fed and ECB, announcing on Friday that...
- On Wednesday, the Fed paused interest rate hikes after 10 straight increases, bringing its benchmark lending rate from close to zero to a range between 5.0 and 5.25 percent
- On Thursday, the People's Bank of China cut a key lending facility by 10 basis points to 2.65 percent, and extended 237 billion yuan ($33 billion) of fresh funding to lender
Business
Siemens to expand business
BERLIN, GERMANY - German industrial giant Siemens said on Thursday it would build a new high-tech factory in Singapore and expand...
- Details on further investments in Europe and the United States across the globe are expected to follow, said Siemens.
- The group's announcement came after the German government published its first National Security Strategy that took aim at China for acting against Berlin's interests.
Economy
Sri Lankan economy contracts 11.5 percent in Q1 2023
COLOMBO, SRI LANKA - Crisis-hit Sri Lanka's economy shrank by 11.5 percent in the first quarter just before an IMF bailout...
- The contraction in the first three months compared with shrinkage of 0.5 percent in the corresponding period of 2022.
- A currency crisis from late 2021 led to severe shortages of food, fuel and medicines and triggered months of protests.
Business
Audi Middle East achieves 33% sales growth in first 5 months of 2023
DUBAI, UAE : In the first five months of 2023, Audi Middle East achieved a 33 percent growth compared to...
- This success is bolstered by Audi's strategic partnerships and investments in electric vehicle infrastructure across the Middle East.
- Audi's EV portfolio now features an extensive range of models, spanning sports cars, sedans, hatchbacks, and the SUVs.
Business
Tawuniya Q1 2023 net profit $20m
Insurance services results in Q1 improved by US$55 million.
- The growth in revenues were offset by an increase in claims incurred and attributable expenses by US$172 million.
- Tawuniya booked additional risk adjustments of US$10 million in Q1 2023 and additional acquisition costs of US$18 million.
Economy
European Central Bank raises rates for eighth consecutive time
The hike was the highest since 2001, despite a darkening economic outlook. The ECB increased rates by another 25 basis...
- Like all central banks, the ECB has to walk a fine line in raising interest rates sufficiently to dampen demand and contain inflation, without provoking a sharp economic slowdown.
- The ECB also slightly raised its inflation outlook, predicting it will reach 5.4 percent in 2023, 3.0 percent in 2024 and 2.2 percent in 2025.
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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
US Fed chair signals no rush for rate cuts despite Trump pressure
The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," said Federal...
Economy
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Abu Dhabi sees 67% annual rise in number of AI company registrations
Abu Dhabi, UAE - The number of AI companies registered in Abu Dhabi grew at a compound annual rate of...
Economy
UAE sets innovative media policy to propel the country onto global stage
DUBAI – Sheikh Abdulla bin Mohammed Al Hamed, Chairman of the UAE Media Council (UAEMC), has approved a comprehensive legislative...
Economy
Israel minister says Arab trade ties unfazed by Gaza war
In January, Israel's cabinet approved an additional 55 billion shekels ($15 billion) to meet the cost of the war, while...
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Economy
IMF predicts soft landing for global economy, yet growth remains muted
Dubai, UAE - The International Monetary Fund (IMF) in a report has indicated that the global economy is on course...
- A soft landing, described as an economic slowdown resulting from a central bank's cautious interest rate increases, aims to avoid a recession
- The IMF suggested that global economic growth could surpass expectations if disinflation progresses faster than anticipated, prompting earlier monetary policy easing
Arab League organizes workshop to discuss BRICS role in MENA region
Cairo, Egypt--The Arab League (AL) on Sunday organized a workshop in Cairo to discuss the role of BRICS for African...
Business
Bitcoin surpasses $57,000 as crypto rally remains strong
Dubai, UAE - The price of Bitcoin on Tuesday surged past $57,000, demonstrating the continued strength of the cryptocurrency market...
- The rise follows Bitcoin's climb above $54,000 on Monday, a milestone not reached since December 3, 2021
- The cryptocurrency has been experiencing a bullish trend since January 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs