World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from...
Economy
Trump says Musk has ‘lost his mind’ as feud fallout mounts
Washington, United States - US President Donald Trump said Friday that Elon Musk had "lost his mind" but insisted he...
Economy
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
Economy
Amman Chamber exports rises to US$565m in January- March 2023
AMMAN, JORDAN Â -Â The Amman Chamber of Commerce (ACC)'s export of goods and commodities to Arab and other countries increased...
- Jordanian exports to Iraq was of US$217 million, to Switzerland at about US$103 million in January- March 2023.
- Jordanian exports to the UAE was about US$59 million, Egypt at US$42 million in January- March 2023.
Business
Saudi Arabia and Switzerland look to boost ties in industrial, mining sectors
Bern, Switzerland-- Seeking to expand its industrial base, Saudi Arabia is keen to widen cooperation with Switzerland in the industrial...
- They discussed boosting of ties in industry and mining sectors and how they can contribute to diversifying the economic base
- The two countries continue to have strong ties in petrochemicals, construction materials, medicines, consumer products, manufacturing of precious metals, and jewelry
Business
Bank of Sharjah to boost capital
The US$218mn capital infusion will foster bank's growth.
- With the infusion, Sharjah Asset Management, the investment arm of the Sharjah government, will be the main beneficiary, raising its stake in the bank to 40% from 17.16%
- The chairman of the bank said total capital of the bank now stands at US$816 million, bolstering its financial position and increasing its ability to pursue new investments
World Bank cuts growth forecast on trade tumult, warns of ‘deep’ harm
The bank lowered its projection for global GDP growth to 2.3 percent in its latest economic prospects report, down from...
Economy
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ENEC signs MoU with Egypt
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Sharjah Chamber posts growth in membership in 2023
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has announced a series of significant achievements of the...
Business
Saudi Arabia, Swiss Fund unveil billion-euro initiative for zero-emissions investments
Riyadh, Saudi Arabia - Saudi Arabia and Swiss Fund have decided to initiate financing initiatives in the debt market in...
Economy
OECD predicts rise in global economy amid Middle East ‘risk’
The OECD raised its 2024 world economic growth forecast Monday but warned that the Middle East conflict posed a risk,...
Economy
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Economy
Turkey’s inflation 65% in Jan, piles pressure on central bank
Istanbul, Turkey - Turkey's annual inflation rate stayed stable in January at nearly 65 percent, but month-on-month consumer price increases jumped...
- The year-on-year inflation rate moved to 64.86 percent -- up a notch from 64.77 percent in December, the TUIK statistics agency reported
- The monthly inflation rate in January climbed to 6.7 percent, from 2.9 percent in December, following a 49-percent rise in the minimum wage in January
48 Middle East and North Africa IPOs raise $10.7bn in 2023: Report
Five listings, mainly in the energy and logistics sectors, contributed 58 percent towards the total IPO proceeds raised, said the...
- During Q4 2023, 19 IPOs raised US$4.9bn in proceeds. ADES Holding Company raise the most funds and contributed 25% to the overall IPO in Q4.
- Saudi Arabia dominated IPO activity in the region with 14 of the 19 listings in Q4 2023. ADES was the biggest with US$1.2bn in proceeds.
Business
Total M&A market drops to US$3.2trn in 2023, says report
DUBAI, UAE - The total M&A market dropped 15 percent, to US$3.2 trillion, the lowest level in a decade, as...
- Many of the assets that did not come to market last year will fuel active dealmaking in 2024.
- The collapse of technology M&A has been the biggest drag on strategic mergers and acquisitions.