Generative AI’s most prominent skeptic doubles down
Vancouver, Canada -- Two and a half years since ChatGPT rocked the world, scientist and writer Gary Marcus still remains...
Interview
Trump fires new 50% tariff threat at EU, drawing stiff response
Washington, United States - President Donald Trump rekindled the US trade war on Friday, threatening to impose a 50 percent...
Economy
Business
ECB fines Goldman Sachs US$7.2m for misreporting capital needs
BERLIN, GERMANY - The European Central Bank (ECB) has fined US financial giant Goldman Sachs US$7.2 million (6.63 million euros) for...
- Goldman Sachs Bank Europe was found to have "breached credit risk reporting rules" in 2019, 2020 and 2021, the ECB said in a statement.
- Capital ratios are key indicators of a bank's strength and ability to absorb losses in the event of market turmoil.
Business
FAB summit explores economic opportunities, net zero transition
ABU DHABI, UAE - First Abu Dhabi Bank (FAB) is hosting a one-day summit that brings together aviation thought leaders...
- FAB recently announced that it would set financed emissions reduction targets across oil and gas, power generation and aviation.
- The summit will examine how the aviation sector will play a crucial role in supporting the UAE's objective to achieve net-zero by 2050.
Geostrategy
Iraqi Kurds await oil export renewal deal with Turkey
ARBIL, IRAQ- Officials in Iraqi Kurdistan say Baghdad is still waiting to reach a "final agreement" with Ankara to resume...
- Crude sales were Kurdistan's economic lifeblood, with 475,000 barrels exported daily via the Turkish port of Ceyhan.
- The suspension of exports represents a shortfall of around "one billion dollars", analyst Kovand Shirwani said.
Business
Dubai Supreme Council reviews progress in clean energy projects
DUBAI, UAE - Chairman of the Dubai Supreme Council of Energy Sheikh Ahmed bin Saeed Al Maktoum chaired the 76th...
- The meeting discussed the progress of the Hatta hydroelectric power plant, which DEWA is building and is 70 percent complete.
- The meeting also discussed the operation of the region’s first green hydrogen production facility to support diversifying energy sources.
Market Report
Stock markets advance on US debt, elections
Major stock markets advanced after President Joe Biden said he was "optimistic" about finding an agreement on averting a first-ever...
- The European Commission boosted its 2023 economic growth outlook for the eurozone but raised the inflation forecast for the area.
- European gas prices reached the lowest levels in almost two years as concerns about tight supplies ease heading into the summer.
Business
DMCC to open office in Mumbai for Indian firms to expand through Dubai
Leveraging DMCC’s strong regulatory framework and reputation within Indian business circles, the office will provide a one-stop solution for Indian...
- DMCC aims to boost the relationship between the UAE and India in support of the UAE-India Comprehensive Economic Partnership Agreement (CEPA).
- Trade between the UAE and India surged 14 percent after the two countries signed CEPA in 2022.
Economy
Saudi Arabia’s rental prices key driver of inflation in April
At 2.7 percent, inflation remained unchanged from March, according to the kingdom's General Authority for Statistics. It was driven mainly...
- Actual rents for housing increased by 9.6 percent in April 2023, reflecting the increase in rents for apartments by 22.2 percent.
- The cost-of-living index for April rose to 109.16 points, according to the base year 2018, from 106.29 points in April 2022.
Economy
EU boosts 2023 growth outlook for region
BRUSSELS, BELGIUM - The European Commission boosted its 2023 economic growth outlook for the eurozone on Monday but it also raised...
- The EU executive's spring forecast is more optimistic than that issued late last year, despite inflation proving "stickier than expected".
- Brussels also raised the 2024 growth forecast for the 20-country single currency zone by 0.1 points to 1.6 percent.
Economy
Meydan Free Zone-ADIB pact to promote SMEs, sustainability in economy
Abu Dhabi, UAE-- The recent partnership signed between Abu Dhabi Islamic Bank (ADIB) and Meydan Free Zone is expected to...
- The partnership will enable trade license holders in the Meydan Free Zone to access ADIB's range of banking products and services
- Hamed Ahli, head of Meydan Free Zone, said the MoU will drive new financing potential for companies seeking to grow from Dubai
Economy
Jordan’s industrial producer-price index shoots up 2.59% in Q1 of 2023
Amman, Jordan-- Jordan's industrial producer-price index, which generally reflects supply conditions across the economy, climbed up 2.59 percent in the...
- The Department of Statistics attributed the upward trend to a 1.63% jump in the transformative industries price index and a 23.65% rise in the extractive industries price index
- It said the monthly decrease resulted from an 8.86% fall in transformative industries, and an 11.57% drop in electricity, and at the same time extractive industries shot up by 3%
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Generative AI’s most prominent skeptic doubles down
Vancouver, Canada -- Two and a half years since ChatGPT rocked the world, scientist and writer Gary Marcus still remains...
Interview
Company News
Latest News
UAE real GDP to grow 5.3 percent in 2024: S&P Global
Abu Dhabi, UAE-- The UAE's real GDP will grow 5.3 percent in 2024, compared to 3.4 percent in 2023, according...
Economy
‘Innovation is crucial for UAE’s energy efficiency’
"Through effective and constructive collaboration with various local and international partners, we have succeeded in establishing an integrated energy transition...
Most Read
Geostrategy
US lawmakers reject US$17.6 billion Israel aid bill
Republicans in the House of Representatives scheduled the vote after the Democratic-led Senate released a bipartisan bill Sunday pairing billions of dollars for...
- The standalone Israel bill would have provided $17.6bn in military aid for the country
- 167 Democrats voted no after Biden had threatened to wield his veto
Economy
44% of workers’ core skills will be disrupted by 2027: WEF
The world of work is changing fast. By 2027, businesses predict that almost half (44%) of workers’ core skills will...
- The global unemployment rate could rise from 5.1% to 5.2% in 2024, with an extra two million workers expected to be looking for jobs
- The impact of AI on jobs was not going to be "an employment apocalypse", but that reskilling, upskilling would be key to managing the transition
Economy
Tunisia parliament votes to let central bank finance budget
The parliament ratified by a huge majority of 92 votes out of 133 an amendment to an article that prohibited...
- The country's finance minister said the funds were "not intended to finance current expenses"
- The IMF agreed in principle, in October 2022, to a loan of around US$2 billion to Tunisia