Nvidia tops $4 trillion as US stocks shrug off latest tariffs
After Congress gave Trump a big win last week with his fiscal package, the Republican's aggressive trade posture has returned...
Business
Meta’s AI talent war raises questions about strategy
New York, United States -- Mark Zuckerberg and Meta are spending billions to recruit top artificial intelligence talent, triggering debates...
Business
Business
ADIA, EQT to buy Dechra Â
The acquisition is expected to complete by early 2024.
- The offer was pitched at US$48.5 (£38.75) per share - a 44-percent premium from April 12 - before Dechra first revealed it was holding bid talks.
- Dechra Pharmaceuticals has over 2,000 employees and seven production sites across the world, and sells veterinary products in 63 countries.
Business
Thales launches initiative to promote UAE-made products, expertise
Dubai, UAE -- French multinational aerospace and defense technologies company Thales has launched 'Go to UAE' initiative with the support...
- Launched on day two of the Make it in the Emirates Forum, the initiative is being carried out in collaboration with Tawazun Council.
- The initiative will help UAE suppliers benefit from this program by integrating with opportunities across Thales Global Supply Chain.
UN evokes ‘specter of food inflation’ as Ukraine grain exports slow down
"In May, 33 vessels departed Ukrainian ports, half of the number compared to April. Only three of those departed from...
- UN says Russia "has informed of its decision to limit registrations to the port of Yuzhny/Pivdennyi as long as ammonia is not exported"
- Moscow is calling in particular for a resumption of operations on the Togliatti-Odessa pipeline for deliveries of ammonia
Economy
Will tax the rich to avoid IMF ‘diktats,’ says Tunisia’s Saied
Despite reaching an agreement in principle last October on a bailout package worth nearly $2 billion, talks with the IMF...
- "Instead of lifting subsidies in the name of rationalisation, it would be possible to introduce additional taxes on those who benefit from them without needing them," Saied said
- Tunisian president did not say how such a plan might operate as employees' taxes are deducted at source and many Tunisians in the private sector do not declare their full income
Business
8 new industrial projects announced at Abu Dhabi’s ‘Make it in the Emirates’ event
Abu Dhabi, UAE - Eight new projects were announced on Thursday during the Make it in the Emirates Forum in...
- Abu Dhabi’s Industrial Strategy aims to double the sector’s GDP contribution by 2031, leveraging strong enablers such as infrastructure and competitive operational costs,
- The Abu Dhabi Investment Office and its partners signed MoU with high-growth companies covering key areas, including manufacturing, banking, oil & gas and healthcare
Economy
Dubai approves Palm Jebel Ali masterplan, twice the size of Palm Jumeirah
Dubai, UAE - Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum on Thursday approved the new futuristic development masterplan...
- Spanning an area of 13.4sq and occupying an area twice the size of Palm Jumeirah, Palm Jebel Ali will feature green spaces and unique waterfront experience
- Palm Jebel Ali will feature over 80 hotels and resorts, and a wide choice of entertainment and leisure facilities that will contribute to Dubai’s tourism sector
Business
Jewels of Emirates Show begins in Sharjah
SHARJAH, UAE - The fourth edition of the Jewels of Emirates Show, the first Emirati exhibition dedicated to diamond jewelry,...
- The Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI) is hosting the event.
- Sheikh Majid bin Faisal bin Khalid Al Qasimi, First Deputy Chairman of the Chamber, inaugurated the exhibition.
Economy
US Senate all set to pass debt deal bill as default almost avoided
US senators raced to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case...
- The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House.
- The Senate has to agree unanimously to fast-track legislation and any individual member can draw out consideration of a bill for days.
Economy
UAE exports to reach $544bn by 2030, says Standard Chartered report
DUBAI, UAE - The UAE is poised to play a pivotal role in global trade with its exports projected to...
- The report forecasts the global trade industry to reach US$32 trillion by 2030, with a projected growth rate of five percent.
- The report said that corridors anchored in Asia, Africa, and the Middle East are expected to outpace the global trade growth rate.
Economy
Eurozone May inflation dips to 6.1 percent post drop in energy prices
European Central Bank vice president Luis de Guindos on Wednesday previewed the slowing eurozone inflation rate, calling it "positive" but...
- Energy inflation dipped into negative territory, falling by 1.7 percent, compared with an increase of 2.4 percent in April.
- Food and alcohol were key in driving inflation, rising 12.5 percent in May, although lower than the 13.5 percent pace in April.
Nvidia tops $4 trillion as US stocks shrug off latest tariffs
After Congress gave Trump a big win last week with his fiscal package, the Republican's aggressive trade posture has returned...
Business
Company News
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Sudan economy falls victim to war between rival generals
With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market,...
Geostrategy
Bahrain to support ‘Arab tourism’ in order to boost cultural integration
Manama, Bahrain--Bahrain will support Arab tourism in order to enhance social, cultural and historical integration among Arab people, according to...
Economy
‘Innovative startups key to national prosperity’
"Investing in youth, inspiring ideas, and transforming them into creative projects is a cornerstone for facing global challenges in many...
Economy
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Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
- According to Pakistani media, the country will expedite the project, which faced significant delays, in two phases
- Iran had previously given Pakistan a 180-day deadline until September 2024 to start completion of the pipe-laying work
Economy
Diversification helps GCC surge in global markets
Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global...
- Gulf economies are witnessing transformative growth and resilience with the UAE, Saudi Arabia, and Qatar leading the way in global competitiveness, says a report.
- The bloc's shift from oil, through huge investments in logistics infrastructure and a business-friendly environment, positions them as prime locations for foreign investment.
Business
UAE-based banks aggregate capital, reserves reach US$131bn by end of November 2023
ABU DHABI, UAE- The aggregate capital and reserves of banks operating in the UAE increased 13.3 percent, reaching US$131 billion...
- The aggregate capital and reserves of UAE-based banks increased 12.3 percent or US$14.4 billion during the first 11 months of 2023
- National banks accounted for 86.5 percent of the total capital and reserves of UAE-based banks logging $113 billion by end of November 2023