‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy
Massive GCC infrastructure investments set stage for rising foreign equity: Franklin Templeton
The Franklin Templeton Emerging Markets Equity outlook emphasizes how GCC countries have reduced their dependence on oil and gas, opened...
Economy
Business
Allianz Q1 posts net profit $2.2bn
Firm said the profit was driven by higher prices for policies.
- The unit's strong performance helped offset lower revenues at its life and health division and its asset management arm.
- Allianz confirmed that full-year operating profits remained stable at US$15.4 billion, "plus or minus US$1.08 billion".
Geostrategy
Turkey says Ukraine grain deal nearing agreement
The Black Sea Grain Initiative, in place since July after diplomacy by the United Nations and Turkey, allows Ukraine grain...
- NATO member Turkey, which has good ties with Russia and Ukraine, has pushed both countries to resume peace talks after negotiations broke down last year
- Ankara helped the United Nations broker the grain deal last July, helping ease a spike in global food prices caused by Russia's invasion
Cash-strapped Lebanese soldiers moonlight as mechanics, waiters
On average, a soldier used to earn about $800 a month before the crisis, but the value of the Lebanese...
- Soldiers in Lebanon have seen their salaries diminish to around an eighth of their value in dollar terms since the country's economy began tanking in 2019
- The devastating economic crisis - which the World Bank says is one of the planet's worst in modern times - has plunged over 80% of the population into poverty
Economy
GCC meeting discusses trade challenges, unified market
Muscat, Oman - The Gulf Cooperation Council (GCC) countries met here on Thursday to address the obstacles affecting inter-country trade...
- The 64th meeting between Gulf Cooperation Council (GCC) Trade Cooperation Committee and Committee for Standardization Affairs was attended by the GCC ministers of commerce
- The commerce and industry ministers held a consultative meeting with the heads of the federations of the GCC chambers to discuss opportunities to enhance cooperation
Economy
Saudi Arabia, Netherlands ink pack to collaborate on energy
Amsterdam, Netherlands – Saudi Arabia and Netherlands on Thursday signed a Memorandum of Understanding to collaborate on energy on the...
- The MoU aims to establish a framework for cooperation between the two countries and strengthen it in several energy sectors, including renewable energy
- It also facilitates the activation of international supply chains linking the two countries and cooperation on technologies and solutions related to climate change
Economy
Technology helps accelerate industrial decarbonization
There are three main pillars to this approach: transforming existing industries with advanced technologies, creating the green industries of the...
- Digitalization plays a key role in making existing industries more sustainable, driving low-carbon production and decarbonization throughout value chains
- R&D is vital for advancing technologies in green industries, with the UAE committed to increasing spending to further develop and deploy green innovations
Economy
US default would have serious repercussions, says IMF
The International Monetary Fund warned of severe consequences if the US defaults on its debt, ahead of a rapidly-approaching deadline...
- Democrats have been calling for a "clean" increase of the borrowing limit, accusing Republicans of using extreme tactics to push their political agenda.
- The lifting of the debt ceiling has historically been seen as a routine affair, given that it involves raising money to pay for spending commitments.
Science
Masdar, IRENA ink pact on tripling global renewable energy capacity by 2030
ABU DHABI, UAE - Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a...
- The main objective of the project is to establish a global baseline for renewable energy.
- The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions.
Economy
Bank of England hikes interest rate to highest level since 2008
The Bank of England lifted its key interest rate to the highest level since the 2008 financial crisis, noting inflation...
- Global policymakers are battling elevated inflation caused largely by runaway energy bills.
- Bank of England warned of "considerable uncertainties" on when UK inflation would return to its two-percent target.
Business
e&, Vodafone form relationship
As per pact, e& is a cornerstone shareholder of Vodafone.
- e& and Vodafone will explore offering joint cross-border digital services to multi-national customers and public sector organizations.
- Services will include fixed and mobile connectivity, Mobile Private Networks, IoT, cybersecurity, and cloud-based services.
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‘Bombshell’ OPEC+ output hike hits oil price
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production, while Asian stocks treaded water...
Economy
Company News
Latest News
China economic slowdown to continue for the next four years, says IMF
BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging...
Economy
Saudi Arabia launches program to boost exports
Riyadh, Saudi Arabia - Saudi Arabia has embarked on a program to equip Saudi exporters with the necessary information on...
Economy
WEF24: Corruption puts institutions, growth at risk
Despite existing laws, global corruption has not decreased due to lack of enforcement and judicial independence, Francois Valerian of Transparency...
Interview
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Business
Number of millionaires in BRICS likely to rise by 85 percent in 10 years, says report
DUBAI, UAE - The total investable wealth currently held in the BRICS bloc amounts to US$45 trillion and its millionaire...
- There are currently 1.6 million individuals with investable assets of over US$1 million in the leading emerging economies.
- The UAE’s millionaire population has shot up since 2013, by 77 percent, and is now home to 116,500 millionaires
Business
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more...
- In a statement following a meeting via videoconference, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ stopped short of making any recommendations on its output policy.
- However, the panel said it "reviewed the crude oil production data for the months of November and December 2023", noting the "high conformity" among participating nations.
Business
Spain urges WTO meet in UAE to address de-globalization
ABU DHABI, UAE - Madrid wants the upcoming 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) here next...
- The ministerial meeting (MC13) will convene representatives of 164 nations and trading blocs.
- MC13 will seek key reforms to the global trading system, including expanding WTO membership .