China factory output beats forecasts, weathering tariffs
Beijing, China - Factory output in China grew at a faster rate than expected last month, official data showed Monday,...
Economy
US, China to publish details of ‘substantial’ trade talks in Geneva
The US and China will Monday give details of "substantial progress" touted by Washington on trade talks aimed at ending...
Economy
Economy
Iraq, Iran sign MoU to build railway track linking two nations
The railway track will connect Iran's southwestern town of Shalamcheh with Basra in Iraq in what will be the first...
- The laying of railway line has been long in the making, with two MoUs having been signed in 2011 and 2013, but the project was halted due to legal and economic problems
- Considered to be a strategic event in the region, the new MoU came about after the current governments of the two countries evinced a renewed interest in the project
Economy
Businesses help strengthen UAE-Iran economic ties
"The economic cooperation in these sectors has contributed to increasing joint trade and investment exchange," he said while attending the...
- The UAE-Iran economic relations have experienced significant development and continued growth in various fields, says Abdullah Mohammed Al Mazrouei, a key UAE official
- The economic cooperation has contributed to increasing joint trade and investment exchange, adds the Chairman of the Federation of UAE Chambers of Commerce and Industry
Geostrategy
Jordanian-American committee discusses trade, food security
AMMAN, JORDAN - The ninth session of the Joint Jordanian-American Committee, which was held in the United States, discussed cooperation...
- The Jordanian delegation urged US investors to enhance investment in the Kingdom.
- The delegation thanked US for its continuous support to Jordan in several sectors.
Geostrategy
Iraqi PM, Lebanese minister discuss economic cooperation
BAGHDAD, IRAQ - Iraq Prime Minister Muhammad Shia'a Al-Sudani said that the country is continuing regional economic communication. A statement...
- Iraq Prime Minister said that the country is continuing regional economic communication.
- Iraq supports stability and economic growth for itself and other friendly nations
Geostrategy
Japan, South Korea eye detente as North Korea threat looms
Japan's Prime Minister Fumio Kishida said his "heart aches" for Koreans who suffered under colonialism, as Seoul and Tokyo seek...
- Tokyo and Seoul have long been at odds over historic issues linked to Japan's brutal 1910 to 1945 colonial occupation of the Korean peninsula.
- Bilateral ties were torpedoed in 2018, when South Korea's Supreme Court ordered Japanese firms to compensate the wartime victims of forced labor.
Business
Alba posts Q1 profit drop
The aluminium giant's profit fell 68% to US$126.2mn.
- The company's total equity at the end of March 2023 stood at $4.62 billion, a 5 percent drop to $4.84 billion as of December 31, 2022
- Demand for aluminium fell across the Middle East by 6 percent with Bahrain's consumption falling by 9 percent, and UAE's by 6 percent
Economy
Lebanon’s music conservatory falls silent amid economic woes
As the economic crisis grinds on, some teachers have quit and many have turned to online classes or teach private...
- A group of teachers and students have been holding independent concerts to highlight their plight and give musicians a chance to support each other and perform
- Some teachers have moved house or "sold their cars" to survive, added Ghanem, herself a conservatory student during Lebanon's 1975-1990 civil war
Economy
Thousands flee homes in western Canada as wildfires spread
Fanned by strong winds wildfires flared across Alberta in the Canadian province, forcing 25,000 people to flee their homes as...
- Canada in recent past has been affected by extreme weather, the frequency of which has soared owing to global warming
- The declaration of the state of emergency gives the local government more powers to deal with extreme situations and unlock emergency funds
Economy
Iran reports 32% increase in wheat output in April and May
Tehran, Iran--Iran has reported a large increase in its purchases of domestically-grown wheat in the months of April and May....
- The country's southwestern province of Khuzestan accounted for 623,000 mt of wheat supply delivered to GTC silos during the months of April and May
- The Islamic Republic purchases a big chunk of wheat from growers in the country under a program that offers them favorable prices and transportation
Business
Jordan-Iraq business forum to begin in June, seek deeper trade ties
Amman, Jordan-- Seeking to widen its economic and trade ties with Jordan, the Iraqi Business Council (IBC) will organize the...
- The forum will focus on sectors such as energy, mining, construction, IT, real estate development, finance, telecom, and industry
- Both countries seek to promote investment in several fields, establish joint partnerships, and enhance trade and investment exchange
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China factory output beats forecasts, weathering tariffs
Beijing, China - Factory output in China grew at a faster rate than expected last month, official data showed Monday,...
Economy
Company News
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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
UAE healthcare spending set to reach $30.6bn by 2027
The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a...
Economy
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...
Business
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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 .
Economy
GCC central banks mimic Fed, hold interest rates steady
Abu Dhabi, UAE--In a significant move that underscores the interconnectedness of global monetary policies, central banks across the Gulf Cooperation...
- CBUAE has kept the base rate applicable to the overnight deposit facility (ODF) at an unchanged level of 5.40%
- The US Federal Reserve held its key interest rate steady and hinted at the possibility of rate cuts in the future
Economy
Egypt grapples with dollar crunch as debt explodes
With inflation up at 35 percent, and amid a severe foreign currency crunch, the Egyptian pound is plunging and the...
- Egypt has seen remittances from overseas workers drop 30% in July-September 2023 alone
- Its external debt rose to $164.7bn and the cost of servicing that debt this year will be $42bn