Macron calls on EU to ‘defend European interests’ in US tariff talks
French President Emmanuel Macron on Saturday condemned US President Donald Trump's threat to impose 30-percent tariffs on the European Union,...
Economy
Trump says ‘no extensions’ to Aug 1 tariff deadline
While Trump imposed a sweeping 10 percent tariff on goods from almost all trading partners in April, higher rates customized...
Geostrategy
Economy
UAE looks to deepen trade and investment ties with Vietnam
Hanoi, Vietnam-- With an eye on boosting trade and economic ties between the two countries, the UAE has formally begun...
- Al Zeyoudi's visit also marked the start of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Vietnam
- The UAE minister also spoke at the UAE-Vietnam Business Forum, in addition to meeting with representatives of Vietnamese companies
Business
Airline industry’s net profits to shoot up to US$9.8bn in 2023: IATA
Dubai, UAE-- Airline industry is expected to clock net profits in the region of $9.8 billion in 2023, which is...
- According to IATA, some 4.35 billion people are expected to travel in 2023, which is closing in on the 4.54 billion who flew in 2019 around the globe
- The outlook for cargo volumes is upbeat too, expected to touch 57.8 million tonnes, which slipped below the 61.5 million tonnes carried in 2019
Economy
Foreign companies to pay Corporate Tax on immovable property income: UAE
Abu Dhabi, UAE - Foreign companies and other non-resident juridical persons will be subject to UAE Corporate Tax on income...
- The tax applies to both immovable property that is used in a business and the one that is held for investment purposes
- Non-resident juridical persons with UAE immovable property will be subject to Corporate Tax on a net-income basis
Business
National Bonds ups stake in Taaleem
With a 22% stake, it is now the biggest stakeholder in the firm.
- The raising of the stake in Taaleem represents the largest acquisition of its kind since its listing on the Dubai Financial Market in November 2022
- National Bonds Company CEO said the upping of the stake highlights the company's commitment to supporting the education sector in the UAE
Business
Air Arabia to double fleet
The plan will boost Abu Dhabi's tourism market.
- The airline CEO Adel Al Ali said that since tourism is one of the key pillars of the UAE economy, the doubling of fleet will support the current inbound tourism
- He added that last year some 15.9 million travelers passed through Abu Dhabi, nearly a threefold increase in the number of visitors from 5.26 million in 2021
Economy
Middle East tourism witnesses strong rebound in Q1
Continued economic recovery, ease of travel restrictions, and the growing popularity of the region as a tourist destination have been...
- Continued economic recovery, ease of travel restrictions, and the growing popularity of the region as a tourist destination have been credited for the sector's resilience
- About 235 million tourists travelled internationally in the first three months of 2023, more than double during same period of 2022, highlights the latest UNWTO report
Business
Turkish Airlines ponders buying 600 planes in two months
ISTANBUL, TURKEY - The chairman of Turkish Airlines said Monday that the company will make a final decision on plans for...
- The airline is in talks with US aircraft maker Boeing and its European rival Airbus to purchase 400 single-aisle planes along with 200 jumbo jets.
- If the purchases involves firm orders, it would be the biggest in the history of civil aviation, beating the 470-plane order by Air India in February.
Economy
Europe still under inflationary pressure, says ECB head
European Central Bank president Christine Lagarde said that a closely watched measure of eurozone inflation does not appear to have...
- Headline inflation for the 20 countries that use the euro dipped more than expected to 6.1 percent, from 7.0 percent the previous month.
- Underlying -- or core -- inflation, which strips out volatile energy, food, alcohol and tobacco prices -- came in at 5.3 percent in May.
Business
Airlines to fly 4.35bn passengers this year, says industry group
ISTANBUL, TURKEY - Airlines will fly 4.35 billion passengers this year, close to the 2019 record as the industry bounces back...
- The sector will also be back in the green, with net profits forecast to reach $9.8 billion in 2023.
- The association said that its 2022 losses were half as bad as previously estimated at US$3.6 billion.
Economy
Turkish inflation dips under 40% for first time in 16 months
Consumer prices rose by 39.6 percent on an annual basis and were almost stable, at 0.04 percent, compared to the...
- The latter say annual inflation stands at between 105 and 109 percent, depending on whether or not the free gas offer is taken into account.
- Erdogan, who is starting a third term in office, has said tackling inflation is a top priority. It exceeded 85 percent in autumn 2022 before starting to slow in Nov.
Macron calls on EU to ‘defend European interests’ in US tariff talks
French President Emmanuel Macron on Saturday condemned US President Donald Trump's threat to impose 30-percent tariffs on the European Union,...
Economy
Company News
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China discovers world’s largest metamorphic rock oilfield in Bohai Sea
BEIJING, CHINA – The China National Offshore Oil Corporation (CNOOC) has announced the recent discovery of the largest metamorphic rock...
Business
Finland, UAE eye collaborations in clean technologies
"There's considerable work to be done to establish a level playing field where low-energy technologies can be freely traded. I...
Economy
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Economy
WTO chief economist applauds UAE ‘commitment’ to trade liberalization
Abu Dhabi, UAE-- Applauding the UAE's commitment to trade liberalization, including development of green and digital trade globally, Ralph Ossa,...
- The WTO economist said the UAE is a "natural fit" for hosting the ministerial conference, praising the country's focus on low tariffs and export diversification
- Ossa said the conference is looking to make progress on range of issues such as the reform of dispute settlement system, constraints on subsidies leading to overfishing
Economy
Majority of WTO members sign investment deal for development
The deal aims to facilitate "the flow of foreign direct investment... particularly to developing and least-developed" countries with the aim...
- The Investment Facilitation for Development (IFD) Agreement, signed by 75 percent of the WTO's members, would require full consensus before it could be formally incorporated
- Despite broad backing, some members may still oppose its integration into the WTO, including India, which typically objects to agreements that do not cover all countries
Economy
WTO convenes ministers in UAE with slim hopes for breakthrough
The World Trade Organization's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the...