Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
Economy
Saudi Arabia’s space economy reaches $8.7 billion in 2024
Riyadh, Saudi Arabia -- The Communications, Space, and Technology Commission (CST) has said that the Saudi space economy reached $8.7...
Economy
Lebanon postpones municipal elections due to lack of funds
With the cash-strapped country mired in an unprecedented economic meltdown, Lebanon's parliament on Tuesday put off municipal elections scheduled for...
- Citing a lack of funds as the reason, deputy parliament speaker Elias Bou Saab warned last week that "holding municipal elections has become almost impossible"
- Putting off polls was commonplace in Lebanon even before 2019, when the country plunged into an economic crisis described by the World bank as the planet's worst
Science
Green groups sue Europe over false energy label
BRUSSELS, BELGIUM - Environmental groups lodged a lawsuit against the European Commission on Tuesday to challenge its definition of natural gas...
- The lawsuit over gas was launched by WWF, ClientEarth, Transport&Environment and the German NGO BUND.
- Greenpeace, sued the EU executive separately for deciding that nuclear energy was worthy of its sustainable investment label.
Business
Glaxo buys Bellus for US$2bn
Move after GSK demerged its consumer healthcare unit.
- GSK has agreed to buy Quebec-based biopharmaceutical Bellus Health Inc. for $14.75 per share, the British drugmaker said in a statement.
- Chronic cough is defined as a persistent cough that lasts more than eight weeks and affects an estimated 28 million people worldwide.
Business
Ericsson Q1 net profit at $155m
Firm announced that it would slash 8,500 jobs worldwide.
- Ericsson said it expects customers "to remain cautious" with investments and continue to adjust their inventories in the second quarter.
- Sales rose 14 percent but were flat when adjusting figures to take currency exchanges and other parameters into account.
Business
ADNOC, Japan sign deal to bolster low-carbon hydrogen value chain
Tokyo, Japan--Abu Dhabi National Oil Company has signed two agreements with Japanese partners to strengthen the low-carbon hydrogen value chain between...
- One of the agreements, with Kawasaki, aims to explore the production, liquefaction, and transportation of hydrogen to key global markets
- The deal comes as countries around the world ramp up efforts to reduce carbon emissions and meet the goals of the Paris climate agreement
Soaring prices challenge Morocco’s export-led agriculture model
Rabat has pledged that prices will soon fall, and announced several initiatives to tackle market speculation, but government spokesman Mustapha...
- Official figures from February put year-on-year inflation in the North African country at just over 10 percent - a figure that also included a 20 percent jump in food prices
- In March, the central bank of Morocco raised interest rates to 3 percent in an attempt to curb inflation which is impacting low-income and vulnerable households
Economy
World Bank and Jordan sign $650 million financing pacts
Dubai, UAE -- The World Bank and Jordan have signed two financing agreements worth $650 million for the programs of...
- The first agreement includes additional financing of $ 400 million for the program of inclusive, transparent and climate-responsive investments.
- The second agreement worth $250 million includes financing the program to enhance the efficiency of the electricity sector.
Economy
China’s economy bounces back after zero-Covid scrapped
Beijing, China--China's economy grew much better than expected in the first three months of the year as the country reopened after...
- Chinese people, after years of travel restrictions and quarantines, have finally returned in recent months to restaurants and begun to move around more freely
- There was more growth expected in April to June as China heads into another quarter in the sweet spot, according to Ting Lu, Chief China Economist at Nomura
Economy
ACWA Power to build 1,000 megawatt solar power plant in Iraq
Riyadh, Saudi Arabia--ACWA Power will construct a 1,000 megawatt solar power plant in Iraq, the first clean energy project in...
- The joint venture project, according to Iraqi minister, will be developed in Central Iraq’s Najaf city, around 160 km south of the capital
- In 2021, Iraq signed a contract with PowerChina to build 2,000 MW solar plants in the nation to fulfill its growing demand for electricity
Economy
Dollar could gain as markets anticipate a Fed rate hike: expert
Dubai, UAE - The US dollar could record some gains as markets increasingly see a higher probability that the Federal...
- The constant surprises in US economic data during the last few weeks have focused traders’ attention on the US currency, Wael Makarem, Senior Market Strategist, MENA at Exhe added
- The Japanese yen, Makarem said, could see more weakness against the dollar in the near term with the Bank of Japan maintaining its accommodating monetary policy
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Trump’s tariffs fallout: Why trade tensions are a ‘storm cloud’ over financial markets
Stocks later rallied after Trump announced a 90-day pause on additional higher tariffs that were set to impact around 80...
Economy
Company News
Latest News
UAE ranks first in Arab world in labor-resilient countries, says report
Dubai, UAE - Against the backdrop of the World Economic Forum in Davos, Whiteshield announces the release of the Global Labor...
Business
Qatar’s IPI declines by 1.5 percent in November 2023
DOHA, QATAR – The Industrial Production index (IPI) of Qatar in November 2023 reached 91.7 points which is a fall...
Economy
China’s economy to grow steadily in 2024, say analysts
Beijing, China--China's economy is likely to pick up the pace and grow steadily in 2024 after a bumpy recovery last...
Economy
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Business
Apple loosens grip on iPhone apps
Apple will permit developers to include buttons or links in apps.
- The move came after the US Supreme Court on Tuesday declined to hear appeals by Apple and Epic of a lower court ruling in which the iPhone maker was seen as the victor.
- Epic in 2020 launched a case aiming to break Apple's grip on the App Store, accusing the tech giant of operating a monopoly in its shop for digital services
World Economic Forum
WTO head ‘less optimistic’ for world trade due to Red Sea strikes
The head of the international trade body said weaker global economic growth, "worsening geopolitical tensions, the new disruptions we see...
- Before the outbreak of war in Gaza, the WTO had predicted trade would grow by 0.8 percent in 2023 and projected growth of 3.3 percent this year.
- "We think there are a lot of downside risks to the forecasts we had made last year of 3.3% of growth of merchandise volumes this year. So we expect weaker performance," she said.
World Economic Forum
World Economic Forum foresees ‘significant economic slowdown’
Davos, Switzerland--A new World Economic Forum report titled the Future of Growth Report 2024 foresees a significant economic slowdown, estimated...
- The WEF report offers a re-evaluation of global economic growth, introducing a new framework that takes a holistic look at GDP
- The report adds that high income economies in 2023 saw average annual GDP per capita growth of 1.01% over the past five years