Asian markets rally after positive China-US trade talks
Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the...
Economy
Damascus, Ankara agree natural gas deal for Syria
Damascus, Syria - Syrian Energy Minister Mohammad al-Bashir said Friday Damascus and Ankara had reached a deal for Turkey to...
Economy
Business
Saudi Arabia seeks US$26bn of investment in machinery, equipment sectors
Riyadh, Saudi Arabia-- Saudi Arabia is looking to attract some US$26 billion dollars worth of investment in the machinery and...
- The investment aims to give impetus to the National Industry Strategy that seeks to widen the industrial base, cut imports by up to 50% and push exports
- NIDC, according to the minister, has partnered with the Public Investment Fund (PIF) to create a business model for taking advantage of the investment opportunities
Business
Morgan Stanley to cut 3,000 jobs after drop in profit
In the wake of reporting a drop in profit during the first three months of the year, the bank aims...
- According to media reports, the bank at the end of last year trimmed nearly 2 percent of its staff or some 1,600 positions
- Financial institutions have been hit hard by a slump in dealmaking caused by the Fed's fight against inflation and the banking crisis
Kuwait Crown Prince dissolves National Assembly, again
Kuwait City - Kuwait's Crown Prince, Shaikh Mishal Al-Ahmad Al-Jaber Al-Sabah, issued a decree on Monday to dissolve the National...
- Despite being the only Gulf Arab state to have an elected government, the emirate - one of the world's largest producers of crude oil - remains mired in political turmoil
- The country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family, which keeps a firm grip on political life
Geostrategy
Tunisia’s main workers union criticizes IMF loan talks
TUNIS, TUNISIA - Tunisia's largest union on Monday attacked the government's handling of negotiations with the International Monetary Fund (IMF) on...
- Despite an agreement in principle on the loan, talks with the IMF have stalled for months over Tunisian President not committing to restructure public bodies.
- The IMF has called for legislation to restructure over 100 state-owned firms, which hold monopolies over many parts of the economy.
Business
Over 3.8m passengers transit through Sharjah Airport in Q1 of 2023
SHARJAH, UAE - Over 3.8 million passengers traveled through Sharjah Airport in the first quarter of 2023, recording a 28.01...
- The aircraft movement in Q1 of 2023 rose by 9.02 per cent, with 23,261 flights compared to 21,336 flights during the same period in 2022.
- There have been continued efforts by Sharjah Airport Authority to increase passenger numbers and aircraft movements.
Business
Eshraq to buyback shares
The share buyback is expected to enhance shareholder value.
- The shareholders recommended Eshraq increase the shareholder distribution via an increased share buyback program.
- The buyback will capitalize on the current share price discount compared to the company’s book value.
Business
AD Ports Group purchases bulk carriers, crude oil tankers
ABU DHABI, UAE - AD Ports Group has announced plans to expand its fleet by purchasing five bulk carriers and...
- These vessel acquisitions will follow the recently signed agreements as part of the Group’s strategic global expansion objectives.
- The five bulk carriers, to be purchased for AED459 million, form part of the long-term agreement with Saif Powertec, signed in April 2022.
Economy
Qatar’s industry PPI down by 2.56 percent in March
The Planning and Statistics Authority (PSA) said Monday , the PPI of March 2023 for the Mining and Quarrying showed...
- The PPI include four main industry sectors-- mining (82.46 percent), manufacturing (15.85 percent), electricity (1.15 percent) and Water (0.52 percent).
- The prices decrease is seen in refined petroleum products by 2.39 percent, followed chemicals and chemical products by 0.95 percent
Business
US regulators seize First Republic Bank, sell to JPMorgan Chase
With its assets standing at $233 billion at the end of March, First Republic would be the second largest bank...
- JPMorgan will assume "all deposits, including those uninsured, and a majority of the assets," California's Department of Financial Protection and Innovation said
- First Republic had failed to come up with a workable rescue plan and last week disclosed that it had lost more than $100 billion in deposits in the first quarter
Business
Japan’s investment in Egypt soars, but bilateral trade contracts
Cairo, Egypt-- Egypt's trade with Japan dropped 26.3 percent to US$1.1 billion in 2022, but the value of Japan's investments...
- In 2022, Egypt sent exports worth $261 million to Japan, including fuel, minerals, fruit, iron and steel products, carpets, and animal feed
- Japan exported goods worth $889 million to Egypt in 2022, including boilers, machinery, equipment, cars, tractors, bicycles and pharmaceutical products
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Asian markets rally after positive China-US trade talks
Asian stocks rallied Monday after top Chinese and US officials held "substantial" trade talks at the weekend, fuelling hopes the...
Economy
Company News
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WEF24: AI stays at forefront of energy revolution
There is a need for global policy alignment to meet the rising energy demands and tackle climate change challenges, Marco...
Interview
SMEs drive economic innovation and growth in UAE
SMEs are contributing 63.5% to the UAE's non-oil GDP and are at the forefront of innovation and growth, Ayham Gorani,...
Economy
Total market value of Saudi stocks hits $2.97 trillion
Riyadh, Saudi Arabia - The total market value of the primary Saudi stock market, represented by the All Tadawul Share...
Economy
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Business
Saudi Arabia launches global tourism campaign featuring Messi
Riyadh, Saudi Arabia -- Saudi Arabia's national tourism brand, "Saudi Welcome To Arabia," has launched a new global marketing campaign...
- The campaign, called "Go Beyond What You Think," aims to address misconceptions about Saudi Arabia and encourage people to experience the country's cultural transformation.
- The campaign launch coincides with Messi's upcoming return to Saudi Arabia, where he will play two matches with his club, Inter Miami, against Al Nassr and Al Hilal.
Economy
UAE emerges as a new leader in global healthcare
“This goal, aligned with the forward-looking vision of the UAE's leadership, will not only enhance the quality of life but...
- The Gulf country maintains its competitive edge in healthcare through advanced infrastructure and a skilled workforce, underscoring its commitment to healthcare excellence.
- The UAE's ministry along with key departments showcases innovative health initiatives on the 'Emirates Health' platform, highlighting strategies for future healthcare development.
Economy
US Fed rate cuts become question of when, not if
Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as...
- In economic forecasts published alongside the last Fed decision, policymakers indicated that they expect as many as three quarter percentage-point rate cuts this year.
- Fed interest rate cuts can help reduce the cost of consumer loans, making everything from cars to mortgages more affordable for millions of households.