ADNOC expands its STEM Education Programme to empower UAE students in AI
Abu Dhabi, UAE – ADNOC has expanded its Science, Technology, Engineering and Mathematics (STEM) education programme to empower UAE students...
OPEC+ expected to open taps more despite price slump
The Organization of the Petroleum Exporting Countries and their allies - collectively known as OPEC+ - have justified their change...
Economy
Business
Canada to allot US$9.8bn in subsidies for Volkswagen battery plant
Ottawa, Canada--Canadian Prime Minister Justin Trudeau announced Friday up to 13.2 billion Canadian dollars ($9.8 billion) in subsidies over 10 years...
- Terming the funding a "generational investment", Trudeau said that the new plant is expected to generate about Can$200 billion in value
- In order to attract auto makers, Canada has made a big push into batteries for electric vehicles, touting tax incentives and clean energy
Business
Reliance posts Q1 profit rise
It posted better-than-expected profit increase to US$2.35bn.
- According to a poll by an Indian newspaper, the result exceeded analysts' expectations of slower profit growth of around $2.04 billion
- The company's telecom wing reported a 13.01 percent increase in net profit to $574.76 million from a year ago
Economy
US inflation now ‘broad-based,’ top Fed official says
Signaling its resolve to keep fighting price rises, the US central bank has said that interest rates may need to...
- Lisa Cook, Fed governor, said on Friday that overall inflation, and other underlying measures of consumer price increases, remained high
- She noted that interest rate hikes would be determined by the impact of the recent financial sector turmoil on bank lending
Economy
Qatar sees record expenditure during Eid holidays
The entertainment sector, which includes restaurants, cinemas, and theme parks, attracts customers at record rates during the festive period, especially...
- Economists expect that the demand for gifts will double, and the demand for recreation will increase during the 11-day Eid holiday in the Gulf country.
- Ad campaigns and the doubling of Eidiyah contribute to increasing purchasing power and positively reflect on the performance of the two sectors, they add
Business
London seeks to keep Europe fintech crown despite Brexit
London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion...
- Britain's exit from the European Union without an EU-London deal on financial services has complicated access to the gigantic market and talent.
- The UK last year saw injections of funds into its fintechs slump by 56 percent to just over $17 billion.
Business
UAE conventional banks’ assets $829 billion by end of Jan 2023
Gross assets of the Islamic banks operating in the country increased to AED620.9 billion as of the end of January...
- Conventional banks in the UAE accounted for nearly 83.1 percent of the total assets in the banking sector by the end of Jan 2023.
- The Islamic banks’ deposits increased to AED434.1 billion in Jan 2023, an annual increase of 3.1 percent, compared to nearly AED421 billion in Jan 2022.
Eurozone economy accelerates to 11-month high in April
Cyrus de la Rubia, chief economist at Hamburg Commercial Bank (HCOB), said the indices for the eurozone showed "a very...
- Data from the HCOB Flash Eurozone purchasing managers' index (PMI) survey published by S&P Global rose to 54.4 in April from 53.7 in March
- Inflation fell to 6.9 percent on an annual basis in March, but is still far above the European Central Bank's two-percent target
Economy
Erdogan launches Black Sea gas deliveries ahead of vote
The facility will begin producing 10 million cubic metres of gas daily in a first phase - which Erdogan said...
- The ceremony comes as Erdogan braces for a tight race on May 14 in what is widely seen as the most consequential vote in Turkey's modern history
- In 2020, the country discovered gas reserves off the coast of Zonguldak in the Black Sea region, which Erdogan hailed as Turkey's largest ever natural gas field
Market Report
Stock markets slip on auto woes, economy fears
Global equities mostly slid on auto sector woes and economic fears about the prospect of more interest rate hikes aimed...
- The dollar fell against its main rivals and crude oil tanked more than two percent.
- Europe's main equity markets were mostly lower after a mixed session in Asia.
Science
EU uncertain over biodiversity protection despite okaying climate change laws
STOCKHOLM, SWEDEN - EU lawmakers this week adopted new laws boosting Europe's climate change fight, but a parallel drive to protect...
- Negotiations between the European Commission, EU member states and the European Parliament on the issue have run into difficulty over the details.
- Scandinavian countries are worried about forestry sector, while others believe the scope of the text proposed by the commission goes too far.
ADNOC expands its STEM Education Programme to empower UAE students in AI
Abu Dhabi, UAE – ADNOC has expanded its Science, Technology, Engineering and Mathematics (STEM) education programme to empower UAE students...
Company News
Mumtalakat, Investcorp ink pact
Business
Latest News
WEF24: Creative leap diversifies Nigerian economy
Nigeria is diversifying its economy, moving beyond oil to embrace the blue and digital economies, Minister of Art, Culture, and...
Interview
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...
Business
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...
Economy
Most Read
Economy
Egypt’s wheat and oil reserves sufficient for several months, says minister
Cairo, Egypt-- Egypt has enough reserves of wheat to last it for many months, according to Dr. Ali Al-Moselhi, the...
- The minister said that 100 tonnes of sugar have been produced from the cane crop so far, and that preparations are underway to receive the beet crop in mid-March
- The country purchases around five million tonnes of wheat annually from abroad, and subsidised bread is available to more than 70 million of its 104 million population
Economy
Embracing renewables secures UAE’s green future
"COP28 saw all parties reach an agreement on the historic ‘UAE Consensus.’ This consensus includes achieving a well-organized, responsible, fair,...
- UAE, under Dr. Sultan bin Ahmed Al Jaber's leadership, actively promotes global renewable energy.
- The 'UAE Consensus' at COP28 sets specific goals for a zero-carbon energy system, Al Jaber adds.
Iran, Turkiye ink contract to connect power grids
Ankara, Turkiye – Iran and Turkiye signed contract to connect their power grids during the visit of Iranian president Ibrahim...
- The Khoy-Van grid line is set to become operational as part of the agreement between the Iran Grid Management Company and the Turkish Electricity Transmission Company
- The contract signed by Iran’s Mehdi Moghimzadeh and Turkiye's Orhan Kaldirim clears the decks for connection of the 400-kilovolt BtB HVDC line between Khoy (Iran) and Van (Turkiye)