Global economy under pressure could slow to 2.3 percent: UNCTAD
UNCTAD report '"Trade and Development Foresights 2025 – Under pressure: Uncertainty reshapes global economic prospects” cited mounting threats including trade...
Economy
Trump admits trade war ‘cost’ as markets hit
Jitters about US tariffs hammered Asian stocks again early Friday as President Donald Trump acknowledged a "cost" to his surging...
Economy
Geostrategy
Nuclear power reactors to shut down in Germany
BERLIN, GERMANY - Germany will switch off its last three nuclear reactors on Saturday, exiting atomic power even as it seeks...
- The exit decision was popular in a country with a powerful anti-nuclear movement, stoked by lingering fears of Cold War conflict and atomic disasters.
- The challenge caused by Russia's invasion of Ukraine put an end to cheap gas imports and has upped calls in Germany to delay withdrawal from nuclear power.
Economy
G7 starts ‘difficult’ climate talks on fossil fuel commitments
Sapporo, Japan--G7 allies kicked off two days of "difficult" climate talks in northern Japan on Saturday, facing pressure to show progress...
- Differences have deepened among the group as the energy crisis caused by the Ukraine war squeezes G7 countries
- The G7 climate statement draft, seen by AFP, recognizes the primary need to accelerate the clean energy transition
Economy
Dubai issues law regulating operations of autonomous vehicles
Dubai, UAE - Dubai has issued a law to regulate the operations of autonomous vehicles in the city. The new...
- The law outlines the responsibilities of the Roads and Transport Authority (RTA) in regulating the sector
- The Authority is responsible for demarcating the roads, areas, and routes that autonomous vehicles operate in
Economy
UAE banks provide US$9.61bn in credit facilities to industrial sector
Abu Dhabi, UAE--Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY...
- The cumulative balance of credit extended by national banks to the sector grew to $196 bn by the end of January 2023 from $186.52 billion in the month of January 2022
- Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at $97.20 bn and $94.07 billion respectively
Business
Elon Musk establishes X.AI artificial intelligence company in Nevada
San Francisco, United States--Elon Musk has formed an X.AI artificial intelligence corporation based in the US state of Nevada, according to...
- According to an insider report, Musk has purchased costly computing processors and hired engineering talent as part of an AI project at Twitter
- Google, Meta and Microsoft have spent years working on AI systems to help with translations, search and targeted advertising
Business
Why do firms falter in Middle East’s booming sectors?
In the last 10 years, a motley of supposedly best-run companies in the Middle East have collapsed, disappearing into obscurity....
- In order to stave off total ruin and collapse of a business, industry experts recommend for the board to take charge of strategy, in cahoots with the management.
- Many experts blame disagreements within a board, or a lack of team spirit as the reason for tipping a company toward a slow demise
Economy
UAE minister stresses G20 and COP28 collaboration at WBG meet
The members also exchanged views on progressing the implementation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent...
- Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the meeting, held on the sidelines of the 2023 Spring Meetings.
- Ministers of Finance and Central Bank Governors from G20 member countries, invited countries, and international organizations attended the meeting.
Business
Large US banks post higher profits despite recent industry turmoil
JPMorgan Chase reported a rise in first-quarter profits alongside banking giants Citigroup and Wells Fargo. The first look at the...
- Recent banking industry turmoil following the collapse of Silicon Valley Bank raised worries about a flight of deposits.
- Shares of JPMorgan rose 7 percent to $138.06, Citi gained 3.1 percent to $48.7, Wells Fargo dipped 0.1 percent to $39.63.
Economy
Inflation likely to drop in Europe but uncertainty remains: ECB
Sky-high inflation driven by sharp increases in the cost of energy prompted the ECB to crank up interest rates at...
- In March, consumer prices in the eurozone rose by 6.9 percent on an annual basis in the eurozone, down from 8.5 percent in February.
- The figure was the lowest rate recorded in a year, and much below the peak of 10.6 percent recorded in October.
Business
Hermes Q1 revenue at US$3.7bn
The performance was driven by strong sales, especially in Asia.
- "The first quarter of 2023 is a continuation of the good results of 2022," Hermes chief executive Axel Dumas said in a statement.
- China, the world's second biggest economy, ended nearly three years of Covid restrictions in December.
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Global economy under pressure could slow to 2.3 percent: UNCTAD
UNCTAD report '"Trade and Development Foresights 2025 – Under pressure: Uncertainty reshapes global economic prospects” cited mounting threats including trade...
Economy
Company News
Latest News
DTC sets IPO offer price range
Business
CBUAE balance sheet touches US$182 billion in November 2023
Abu Dhabi, UAE--The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to $182.43 billion at...
Economy
China’s economic recovery stalls as growth flags
The country's national bureau of statistics said that GDP grew 5.2 percent to hit 126 trillion yuan ($17.6 trillion) as...
Business
Saudi startups soar amid surge in venture investments
Saudi Arabia, which secured over 50 percent of MENA's total venture investments in 2023, strategically focuses on financial technology to...
Economy
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Opinion
AI revolutionizes UAE’s life sciences & healthcare
"By leveraging advanced data analysis techniques to process extensive datasets from diverse sources, including genomic data, scientific literature, and clinical...
- AI is transforming drug discovery, diagnostics, and personalized treatments, marking a new era in medical research.
- The UAE, especially Abu Dhabi, is setting global standards in longevity and healthcare integration for better future.
Geostrategy
Iran, India reach final agreement on Chabahar Port
Tehran, Iran – Iran and India on Monday finalized an agreement for the development of the strategic Chabahar port in...
- Chabahar Port, Iran's sole oceanic port on the Gulf of Oman, holds strategic importance both strategically and economically
- In May 2016, India, Iran, and Afghanistan signed a trilateral agreement for the Chabahar port, facilitating New Delhi's access to Kabul and Central Asia
Economy
Saudi authorities reduce fee for recruiting domestic help
Riyadh, Saudi Arabia - Saudi Ministry of Human Resources and Social Development (MHRSD) announced on Monday that it has cut...
- The ministry had previously directed licensed recruitment companies and offices to set the upper limit for the costs of recruiting domestic worker services from some nationalities
- The decision comes within the framework of the ministry’s effort to develop all services, improve the labor market environment and enhance its attractiveness