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
Lebanon on bumpy road to public transport revival
Beirut, Lebanon - On Beirut's chaotic, car-choked streets, Lebanese student Fatima Fakih rides a shiny purple bus to university, one...
Economy
Economy
DIFC, PwC launch program to boost tax settlement knowledge
DUBAI, UAE- DIFC Academy announced a collaboration with PwC’s Academy to offer a globally recognized diploma program aimed at upskilling...
- Under the deal, DIFC Academy will offer the UAE Corporate Tax Diploma Program in collaboration with PwC’s Academy.
- The program was announced in preparation for the UAE Federal Corporate Tax Law, which comes into effect June 1, 2023.
Economy
Eurozone banks toughen lending criteria, says ECB
FRANKFURT, GERMANY -  Eurozone banks tightened lending criteria in the first quarter at their fastest pace since the 2011 sovereign debt...
- A net 27 percent of banks reported a tightening of credit standards for loans to companies, meaning it is harder for the enterprises to borrow.
- Demand for housing loans declined, while there was a smaller decrease in consumer credit and other lending to households.
Economy
Eurozone inflation rises to 7% in April after five months fall
Consumer prices edged up from 6.9 percent in March, which could further encourage the European Central Bank (ECB) to raise...
- Food and drink prices keep climbing, putting pressure on European households, but the pace of the increase slowed to 13.6 percent in April.
- The eurozone's core inflation, which excludes volatile food and energy prices, fell slightly to 5.6 percent in March from 5.7 percent a month earlier.
Geostrategy
US exhorts Lebanese parliament to elect new president
Former president Michel Aoun's term expired in October, with no successor lined up. Countries including France, the United States and...
- A caretaker cabinet with limited powers has been at the helm since May last year after legislative polls gave no side a clear majority
- Numerous parliamentary votes have been held since October 2022, but no candidate has garnered enough support to succeed Michel Aoun
Business
Egypt signs transport investment deal with Japan worth US$734mn
Cairo, Egypt--Egypt has signed its biggest investment package with Japan aimed at supporting the North African country's transportation development plan....
- Egypt will use the money to finance expansion of Cairo's metro, a 30-km stretch of land that would link Egypt’s 6th of October city to the Giza plateau
- Japan's investments in Egypt have gone up by 99 percent during 2021-2022, touching $73.7 million as against $37.1 million in the previous year
Business
Dubai hosts World Free Zones Organization’s annual AICE event
Dubai, UAE-- The World Free Zones Organisation’s (World FZO) ninth Annual International Conference & Exhibition (AICE) will begun in Dubai...
- The two-day event will debate challenges facing global trade and the impact of the Covid-19 pandemic on the global economy
- Nearly 600 participants specializing in trade, logistics will come from more than 70 countries to take part in the event
Economy
SCCA’s revised arbitration rules come into effect in Saudi Arabia
Riyadh, Saudi Arabia-- The Saudi Center for Commercial Arbitration (SCCA) has published the 2023 revised SCCA arbitration rules with effect...
- With the publication of revised rules, SCCA court will become fully functional and replace the existing SCCA Committee for Administrative Decisions
- According to SCCA, the new rules are in line with international standards in the arbitration industry followed by renowned institutions across the world
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 -Â 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
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
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Russian oil price cap partially successful
Geostrategy
UAE is the most popular destination for global workers, says report
Dubai, UAE – The United Arab Emirates is the most popular country for international talent seeking employment visas, a report...
Business
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
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Economy
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...
- The sector witnesses a shift towards personalized and precision medicine, underscored by healthcare's significant digitization and data generation, says a white paper.
- Precision medicine has been identified as a key departure from traditional healthcare approaches, focusing on patient-centered care, the report highlights.
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.