IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Unit 4 of Barakah Nuclear Energy Plant connected to UAE grid
Abu Dhabi, UAE – The Emirates Nuclear Energy Corporation (ENEC) today announced that its operations and maintenance subsidiary, Nawah Energy...
Economy
Business
KEZAD, Al Ghurair Foods ink pact
Pact involves investment of over US$272 million.
- The agreement will mark the first phase of Al Ghurair Foods division’s investments in KEZAD.
- The highest standards of food safety in line with International biosecurity standards will be followed.
Business
Swiss central bank says tough rules needed for sector
BERN, SWITZERLAND - Switzerland's central bank said Friday that the country's banking regulations needed toughening up after the implosion of Credit...
- Credit Suisse's share price plunged on March 15, causing the central bank to step in with a $54-billion lifeline for the second-biggest bank in Switzerland.
- The Swiss government, Swiss National Bank and the financial market regulator strongarmed UBS into a $3.25-billion takeover on March 19.
Geostrategy
UAE to take part in meeting with Arab finance ministers, experts
ABU DHABI, UAE - The UAE will participate in the Joint Annual Meeting of Arab Financial Institutions, which will be...
- UAE will participate in the 52nd annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
- UAE will also take part in the 47th annual meeting of the Board of Governors of the Arab Bank for the Economic Development in Africa.
Business
DFM net profit surges 30%Â
The consolidated revenue rose 13 percent to $24.2 million.
- The total consolidated revenue rose 13 percent to $24.2 million in Q1 2023, compared to $21.4 million in Q1 2022.
- Operating income amounted to $12.9 million, while investment returns and other income reached $11.3 million
Business
American Q1 profit at $10m
The airline's revenues were $12.2 billion, up 37 percent.
- The strong first-quarter results will enable American to make profit-sharing payments to employees for the first time in three years.
- With higher debt levels than rivals, American said it is around 60 percent through its goal of reducing debt by $15 billion by the end of 2025.
Market Report
Global stocks rise despite data showing US economic  slowdown
Wall Street stocks pushed higher despite data that showed US economic growth is slowing, which raised fresh questions about interest...
- The first quarter growth figure adds to lackluster US consumer confidence data which has deepened worries about a broader recession.
- Yields on US government debt rose after the data was released and also reported a drop in weekly jobless claims.
Business
FAB posts Q1 net profit of $1bn
Operating income increased by 51 percent year-on-year.
- The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity of 18.5 percent.
- The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
Economy
Strong first-quarter Meta earnings push Wall Street stocks up
Meta reported a profit of $5.7 billion in the first quarter of this year, beating forecasts after a massive wave...
- About 30 minutes into trading, Meta was up around 15 percent, while all three major US indices were in positive territory.
- The broad-based S&P 500 advanced 0.8 percent to 4,087.37, while the Nasdaq Composite Index climbed 0.9 percent to 11,960.26.
Economy
US growth rate slows in Q1 as recession fears rise
US economic growth lost steam in the first quarter this year, said the Commerce Department, as the possibility of a...
- US gross domestic product rose at an annual rate of 1.1 percent in the January to March period, down from 2.6 percent in the fourth quarter last year.
- The GDP growth figure "reflected increases in consumer spending, exports, federal government spending," said the US Commerce Department.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
IMF chief calls upon China to boost growth with pro-market reforms
BEIJING, CHINA – The head of the International Monetary Fund on Sunday called on China to implement "a comprehensive package of...
Economy
Company News
Latest News
First Movers Coalition emerges as top advocate of climate-friendly technologies
Dubai, UAE-- Since its launch two years ago, the First Movers Coalition (FMC) has become the world's largest private sector...
COP28 UAE
US pledges climate aid for cities, more private sector finance
Samantha Power, administrator of the US Agency for International Development, is visiting the COP28 summit where nations are wrangling over...
COP28 UAE
One in five children in rich countries lives in poverty: UNICEF
Sixty-nine million children live in poverty in the world's 40 richest countries, UNICEF said in a report, blasting Britain and...
Economy
Most Read
Geostrategy
Russian oil price cap partially successful
LONDON, UK - A Western price cap imposed a year ago on Russia's oil has had limited success with Moscow increasingly...
- The cap was jointly imposed on December 5, 2022 by the European Union, Australia and the Group of Seven rich countries.
- Initially successful, it lost its impact once President Vladimir Putin's Russia found new buyers for its oil and new tankers to deliver it.
Business
Tawzea, NWC ink pacts
The companies have signed two agreements.
- Tawzea is a 50:50 joint venture between Saudi Arabian Amiantit Co and Sustained Infrastructure Holding Co.
- Under the first contract, Tawzea will operate and maintain the water network in Makkah and its governorates.
Business
Crypto markets witness dynamic asset allocation amid volatility, says study
DUBAI, UAE – Institutional traders (INS) in the crypto markets maintain a conservative approach, with 50 percent of their portfolio...
- In September 2023, institutional traders allocated half of their portfolios to Bitcoin, the report said.
- Retail traders showed a lower percentage of Bitcoin holdings, which could be linked to their higher leverage levels.