Apple expects $900 million hit from tariff war
Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting...
Economy
Trump trade war pushes firms to consider stockpiling
Even if they don't all acknowledge it so openly, firms in many different sectors are stockpiling their products in the United...
Business
Business
Qatar Tourism head says country expects over 5m visitors in 2023
DOHA, QATAR - Qatar expects more than five million people to visit the Gulf state in 2023 despite a post-World Cup...
- The head of Qatar Airways and Qatar Tourism admitted that hotels had fallen quiet after the World Cup final on December 19.
- He insisted that every World Cup host has the same lull after the tournament and that hotels were still 65-70 percent full.
Economy
Iraqi government plans to reduce economy’s dependence on oil
BAGHDAD, IRAQ - Iraqi Prime Minister Muhammed S. Al-Sudani chaired a meeting focused on discussing the provisions of the federal...
- The meeting discussed the provisions of the federal budget bill submitted to the Parliament.
- The Iraqi PM highlighted the plans for enhancing development and advancing the economy.
Saudi Arabia transfers more Aramco shares to wealth fund in bid to ‘diversify’ economy
Prince Mohammed said the latest transfer will "solidify PIF's strong financial position". Authorities did not give a value for the...
- The move, part of a campaign to open up the oil-rich kingdom's economy, follows a transfer of four percent of Aramco shares, estimated at the time to be worth $80 billion
- The Saudi crown prince billed the move as part of a push "to boost and diversify the national economy and expand investment opportunities", according to the report
Economy
UAE has invested $5bn dollars in Brazil: UAE minister
Abu Dhabi, UAE - The UAE is among the largest international investors in Brazil, with an estimated US$5 billion in...
- The two countries, have maintained a fruitful cooperation across many sectors such as industry, transportation, shipping, storage, infrastructure, etc
- The UAE is Brazil's top trading partner in the Arab region, while Brazil is one of the Emirates' most important and recognized partners in Latin America.
Economy
G7 climate ministers pledge to end plastic pollution by 2040
A statement put out by G7 said the phase-out will be achieved by "promoting sustainable consumption and production of plastics,...
- The G7 statement said the group remains committed to end plastic pollution, with the resolve to lower additional pollution to zero by 2040
- According to the OECD group of developed countries, during the last 20 years plastic waste has doubled globally and only nine percent is recycled
Economy
Fire in Dubai apartment building kills 16, injures 9
Dubai, United Arab Emirates--A fire in a residential building in Dubai killed 16 people and injured nine others in the wealthy...
- The fire, according to the civil defence force, was caused by a "a lack of compliance with building safety and security requirements"
- The authorities, in 2017, adopted stricter building regulations to minimise the risk of fire, attributed mainly to flammable materials
Economy
US banks may become more cautious in granting loans: Yellen
Still predicting "moderate GDP growth, US treasury secretary has affirmed that the country's banks may be more cautious in granting...
- Yellen told CNN that banks will be "somewhat more cautious" in their operations, including in issuing loans to households and businesses
- But at press conference on Tuesday, Yellen indicated that she had "not really seen evidence at this stage suggesting a contraction in credit."
Geostrategy
Lula visit: Brazil, UAE seal climate, biofuels deals
They also announced a series of deals, including one for the UAE-controlled Mataripe refinery in northeastern Brazil to invest up...
- The countries said in a joint statement the leaders had discussed a range of subjects including trade, technology, defense, aviation and food security
- The strategically located Gulf monarchy is Brazil's second-largest trading partner in the Middle East, according to the official WAM news agency
Geostrategy
Brazil president reaches UAE to enhance bilateral ties
ABU DHABI, UAE - Brazilian President Luiz Inacio Lula da Silva arrived here Saturday, following a two-day visit to China to...
- The UAE is Brazil's second-largest trading partner in the Middle East, according to reports.
- Trade between the two trade excluding petrol totaled over US$4 million in 2022 - a 32 percent rise from 2021.
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.
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Apple expects $900 million hit from tariff war
Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting...
Economy
Company News
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Global leaders need digital skills for AI management
"Governments should design solutions to face these challenges rather than ignoring them, leveraging the positive effects and significant opportunities presented...
Economy
France flooded with applications for electric car leasing scheme
Paris, France - The French government has been flooded with applications from low-income households to lease a subsidized electric car from...
Business
In Davos, AI excitement persists but fears over managing risks
A recent IMF report said AI would affect nearly 40 percent of jobs around the world, and some 60 percent...
World Economic Forum
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Economy
Markets track Wall St rally but China worries cast shadow
Broader markets were also enjoying a day in the sun though traders struggled to maintain the morning's momentum. Tokyo put...
- US data points on inflation and jobs, and comments from central bank officials have combined with growing geopolitical tensions to drag equities in January
- In light of the latest data, traders have lowered their bets on a March interest rate cut to a little more than 50 percent, down from 80 percent last week
Economy
Pakistan, Dubai ink deals worth $3 billion at Davos
Davos, Switzerland - Pakistan and Dubai signed two agreements totaling over $3 billion on the sidelines of the World Economic...
- One of the key agreements involves the establishment of a rail-based dedicated freight corridor
- It will run from Karachi Port on the Arabian Sea through Karachi to the Pipri Marshalling Yard
World Economic Forum
Middle East needs strong Saudi Arabia, says kingdom’s finance minister
Dubai, UAE-- Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the Middle East needs a strong Saudi Arabia to contribute and...
- The World Economic Forum meeting in Saudi Arabia will address economic issues, international cooperation and global challenges
- The kingdom's finance minister said the region requires a strong Saudi Arabia to contribute and that future outlook looks positive