Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
Oil prices seesaw as investors await Iran response to US strikes
US stocks edged higher while European markets retreated and Asian equities were mixed, with markets keeping a close eye on...
Geostrategy
Economy
Iraq warned to end oil addiction in order to avoid ‘intensive care’
Iraq looks to have renewable energies cover a third of its electricity needs by 2030 and has signed several contracts...
- Baghdad will "diversify the economy" in the next 10 years, said Muzhar Saleh, economic adviser to Iraq's prime minister
- To initiate reforms needed to achieve "green growth", the World Bank estimates Iraq must spend $233 billion, spread out until 2040
Economy
Sharjah set to hold second UAE-China Tyre & Auto Parts Expo
Sharjah, UAE--More than 130 auto and tyre companies from China will take part in the second edition of the "UAE...
- According to Saif Mohammed Al Midfa, CEO of Expo Centre Sharjah, the exhibition is expected to become the most sought after platform for auto-industry stakeholders
- The expo will showcase the latest arrivals in auto parts and accessories, tire and battery products, automotive electronics and maintenance equipment
Geostrategy
Several Western states seeking division between OPEC members: Raisi
Tehran, Iran-- Urging OPEC member countries to preserve cohesion and unity among them, Iran's President Ebrahim Raisi said that several...
- Raisi, citing the history of good relations with OPEC, expressed his country's desire to continue strengthening the cooperation with it
- Haitham al-Ghais applauded the Islamic Republic's effort, both at ministerial and technical level, to strengthen the cohesion and unity of OPEC members
Economy
Global investment in clean energy to rise to US$1.7trn: IEA
Paris, France--Investment in clean energy across the world is expected to rise to US$1.7 trillion in 2023, with solar set...
- According to the IEA report, investment across the globe in clean energy technologies is vastly outpacing spending on fossil fuels
- With solar in the forefront, low-emissions electricity technologies are expected to account for almost 90% of investment in power generation
Economy
Safeguarding ‘digital public square’ is essential
States are struggling and “often failing” to protect online space for the common good, “swinging between a laissez-faire approach that...
- UN High Commissioner for Human Rights emphasizes the necessity of a safe online environment for a fully functioning society
- Volker Türk criticizes the laissez-faire approach and overbroad regulations hindering the proper protection of online space
Economy
US close to fixing debt ceiling issue, says President Biden
WASHINGTON, US - President Joe Biden said that Democratic and Republican negotiators were on the verge of resolving a debt ceiling...
- "It's very close and I'm optimistic," Biden said, adding "I'm hopeful we'll know by tonight whether we're going to be able to have a deal".
- Although there was no indication of an imminent public announcement, it was the strongest sign yet that the drama in Washington might end.
Business
Masdar city to review benefits, challenges of EVs in three day summit
ABU DHABI, UAE - Two of Masdar's spokespeople will address key issues, challenges, and opportunities in electric vehicle innovation during...
- The three-day summit is scheduled to take place at the Abu Dhabi National Exhibition Center from May 29-31.
- Lukas Sokol, Masdar City’s head of master planning, will shed light on the city’s work in introducing electric, autonomous vehicles.
Geostrategy
Iraq plans ambitious Europe-Middle East road, rail project
Iraq presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure,...
- War-ravaged and beset by rampant corruption, oil-rich Iraq suffers from dilapidated infrastructure.
- Developing the road and rail corridor would allow Iraq to capitalize on its geographical position.
Economy
EIB lends US$3.6bn to circular economy projects
BRUSSELS, BELGIUM - The European Investment Bank (EIB) lending to circular economy projects has consistently increased over the years, amounting...
- EIB has been building partnerships with multilateral development banks and civil society organizations to accelerate the transition to a circular economy.
- EIB said there can be no transition to a carbon-neutral economy without a change to a circular economy where resources are in use for as long as possible.
Business
More than 1,800 new companies set up businesses in RAKEZ in Q1
Ras Al Khaimah, UAE--More than 1,800 new companies have set up their businesses in Ras Al Khaimah Economic Zone (RAKEZ)...
- Ramy Jallad, CEO of RAKEZ, said that the emirate has positioned itself as a preferred hub for international traders due to its business-friendly ecosystem
- A large chunk of investors setting up businesses in the economic zone come from India, Pakistan, UK, Russia and Egypt, demonstrating its global appeal
Trump metal tariffs wreak havoc on US factory
Belcamp, United States -- In the sweltering US summer, metal containers decorated with snowmen and sleighs are taking shape --...
Business
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WEF24: Innovation and diversification drive UAE growth
The UAE's proactive approach is helping it in shaping a dynamic and prosperous future, says UAE's Economy Minister Abdullah bin...
Videos
Stock markets diverge before Nvidia results, Federal Reserve minutes
Stock markets diverged as traders awaited earnings from US tech darling Nvidia, in addition to minutes from the Federal Reserve...
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Economy
Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...
- Analysts say gold is currently trading at $2,016 and could surge by about 50 percent if central banks dramatically increase purchases.
- Another factor that could drive gold prices is the global economy's deep recession, which could prompt the Federal Reserve to cut rates rapidly.
Business
Saudi National Bank launches US dollar-denominated sukuk
RIYADH, SAUDI ARABIA - Saudi National Bank (SNB) commenced the US dollar-denominated senior unsecured sukuk issuance through a special-purpose vehicle. The sukuk are offered to qualified...
- The sukuk are offered to qualified investors inside and outside Saudi Arabia.
- The amount and sukuk’s terms of offer will be subject to market conditions.
Economy
China’s Guangdong province now boasts of 75,000 high-tech companies
Shenzen, China--The total number of high-tech enterprises in south China's Guangdong Province has exceeded 75,000, local authorities have said. By...
- The province's estimated annual research and development (R&D) expenditure topped about $64.8 billion by the end of 2023
- The region has seen its gross domestic product surpass $1.80 trillion in 2023, topping the country for 35 consecutive years